Dodd-Frank Act Forcing Banks to Slim Down, Reshape Swaps: One Year Later
Clea Benson and Phil Mattingly (Bloomberg)
July 11, 2011
―Jamie Dimon keeps a tally of the ways Wall Street already has been affected by the largest overhaul of financial regulation in generations. At a June 7 conference in Atlanta, the JPMorgan Chase & Co. (JPM) chief executive officer reeled off items from his list during a session with Federal Reserve Chairman Ben S. Bernanke: Banks are putting aside more capital. Off-balance-sheet business has been ‘virtually obliterated.’ Accounting is more transparent. …”It feels like passing the legislation was one stage of a battle. Now we have to continue the work of implementing it,” said Lisa Donner, executive director of Americans for Financial Reform, an advocacy group that includes the AFL-CIO labor federation. …So long as “there are institutions so powerful and considered so important that they require special support and different rules, the future of capitalism is at risk and our market economy is in peril,” Thomas M. Hoenig, president and chief executive officer of the Federal Reserve Bank of Kansas City, said at a conference on Dodd-Frank in June. “To more fundamentally address this issue, we must go beyond today‘s Dodd-Frank.”* Click here for more.

* Note – Mr. Hoenig‘s remarks were made at the half-day seminar sponsored by AFR, AFL-CIO, Alliance for a Just Society, Demos, Main Street Alliance, Public Citizen, U.S. PIRG entitled ―Restoring the Balance: Financial Regulation and the Real Economy.”