SEC Commissioner Kara M. Stein recently gave remarks on the status of required Dodd-Frank rulemakings. The pay ratio, claw back, conflict minerals and resources extraction rules didn’t really seem all that important to her though. I kind of agree, since I don’t really understand how these rules prevent another financial crisis. She was focused on systematic risk.

Part of it is a trip down memory lane.  Ms. Stein said “I certainly remember looking at a streamlined, three-page document authorizing the expenditure of several hundred billions of taxpayer dollars—with almost no strings attached.  One doesn’t soon forget that.”  Yes, and I liked Hank Paulson’s plans.

Ms. Stein goes on to note “Many of the most important systemic risk reforms of the Dodd-Frank Act just aren’t done.  We need to finish these rules now; we cannot afford to wait.”

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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