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Regulatory reform a long wait and a long ways off
March 13, 2010 - Mike Maneval
The Futures Industry Association gathered in Boca Raton, Florida this past week, 18 months after the economic downturn's initial shockwaves. Some of the sentiment that could be heard, Reuters reports, was surprise at the slow pace of revamping or remodeling oversight.
Two of the voices heard on the matter were Alan Blinder, an economics professor at Princeton who observed, "we've done nothing in the way of financial reform," and CEO Roger Liddell of European firm LCH.Clearnet, who finds a more proactive regulatory stance welcome and clearly coming but yet "perhaps slower than people might have expected."
And some suggest - logically enough - that were the U.S. and European Union to reach decisions about the new regulatory climate, it would take months for the framework to be truly assembled. Jill Sommers of the Commodity Futures Trading Commission told Mark Weinraub and Jonathan Spicer of Reuters it'd be 2012 before things would be "in place."
Reuters' report, for that matter, leaves little reason to believe decisions will be reached. Weinraub and Spicer report talks in the Senate have again broken down and Sen. Chris Dodd, the Connecticut senator who chairs the banking committee, indicates he'll forge ahead alone on crafting legislation.
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