SEC chair White says there’s ‘work to do’ in implementing Dodd-Frank

In a statement, White praised the efforts made in her first year as chair

In the four years since its implementation, the Dodd–Frank Wall Street Reform and Consumer Protection Act has seen its successes — just take a look at how the conflict minerals provision has changed the landscape of Democratic Republic of Congo mines. However, according to Securities and Exchange Commission (SEC) chair Mary Jo White, much more needs to be done to experience the law’s full impact.

White released a statement on July 17, detailing the SEC’s efforts in enforcing Dodd-Frank regulations. White, named chair in 2013, says she has been pleased with the progress being made thus far.

“The financial crisis was devastating, resulting in untold losses for American households and demonstrating the need for strong and effective regulatory action to prevent any recurrence,” White said. “In my first year as Chair of the SEC, the Commission has made significant progress in putting to work the tools provided by the Dodd-Frank Act.”

Among the work White pointed out was restrictions on financial institutions under the Volcker Rule, a new regulatory framework for municipal advisors, and stronger controls on broker-dealers that hold customer assets. She also praised the Commission’s work in cleaning up some key areas mandated by Dodd-Frank, including asset management, derivatives and executive compensation.

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So what’s next from the SEC? According to White, the Commission will be strongly analyzing the reforms recently put into place, making sure they actually produce the intended effects.

“We must continue our work with intensity, and we must be deliberate as we consider and prioritize our remaining mandates and deploy our broadened regulatory authority,” White said. “Progress will ultimately be measured based on whether we have implemented rules that create a strong and effective regulatory framework and stand the test of time under intense scrutiny in rapidly changing financial markets.”

The U.S. Congress passed Dodd-Frank in 2008 as a response to the year’s financial crisis. The bill has supporters who believe it goes a long way towards cleaning up the financial industry, while detractors say that many of the Act’s reforms are overbearing and unnecessary.

Assistant Editor

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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