Congress passed the Dodd-Frank Act one year ago to reduce or eliminate the risks that led to the financial crisis. Today, there is growing concern that the laser-like focus on risk reduction was not properly balanced by an appreciation of the costs of such regulation, including its potential impact on economic growth in the U.S. These costs are of heightened concern to the extent that foreign jurisdictions do not impose similar regulation on their own financial institutions, such as with regard to the Volcker Rule and derivatives regulation.

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