The Dodd-Frank Wall Street Reform and Consumer Protection Act and its implementation will be overseen by Congress on February 14 as senior US financial regulators are due to appear before the Senate committee to report on and discuss the progress made in enacting the law.
The United States government takes consumer wellbeing very seriously indeed, and certainly this month there has been discussion within the online trading and financial sectors as to the proposed implementation of other aspects such as the NFA’s draconian plans to ban online deposit via credit card to forex companies.
This week’s hearing therefore represents the United States’ ongoing efforts to oversee all aspects of business in the financial sector and pass laws as to how it can be conducted.
A panel has been formed, consisting of seven officials who will appear before the Senate Banking Committee this Thursday in a hearing during which the subject of discussion will be financial stability, and protection for consumers and investors.
The names and positions of the officials who will participate in the hearing are:
Commodity Futures Trading Commission Chairman (CFTC) Gary Gensler
Treasury Department’s Under Secretary for Domestic Finance, Mary Miller
Federal Reserve Governor Daniel Tarullo
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Comproller of the Currency Tom Curry
Securities and Exchange Commission Chairman Elisse Walter
Consumer Financial Protection Bureau Director Richard Cordray
Federal Deposit Insurance Corp Chairman Martin Gruenberg
Several new rules called for by the Dodd-Frank law are in the process of being written by financial regulatory agencies. Many of the most controversial changes, such as a ban on proprietary trading (now known as the Volker rule), are still being finalized.
The Dodd-Frank law was originally passed as a result of the 2007 to 2009 financial crisis, and was signed into US federal law on July 21, 2010 by President Barack Obama.
As the focus on regulation within the industry is increasing, Forex Magnates published an in-depth feature on MiFID and HFT directives in the Forex Magnates Industry Report for Q4 2012