US Senator calls for Dodd Frank delay
Tuesday 12 April 2011 - by Dave Goodman
A veteran Senator has urged the US government to delay the implementation of the Dodd-Frank Act to prevent placing American financial institutions in an "untenable situation".
"We are guaranteeing that our financial institutions will be placed in the untenable situation of competing with international institutions whose host countries refuse to be burdened by the same constricting framework which we so readily heaved upon ourselves."
As a result of these issues, the 77-year-old Utah Senator recommended that the regulation proposed in Dodd-Frank should not be instigated until other G20 countries agreed to make similar reforms.
He wrote: "There are significant outstanding issues surrounding global coordination of this regulatory framework.
"I strongly believe that these concerns demand delay of further implementation and rulemaking of Dodd-Frank Act provisions until and unless we receive assurances that international partners agree to adopt similar regulatory reforms."
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