As the Dodd-Frank Act nears its fourth anniversary, Securities and Exchange Commission Chair Mary Jo White said yesterday that although her agency has done much to implement the controversial law, much more needs to be done, the Wall Street Journal reported today. “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,” White said. The agency has implemented restrictions on the proprietary activities of financial institutions through the Volcker Rule, created a new regulatory framework for municipal advisors and enacted controls on broker-dealers that hold customer assets, she said. Dodd-Frank, which marks its fourth anniversary on Monday, reduced reliance on credit ratings and led to new laws governing previously unregulated derivatives, White said. “We have also advanced significant new standards for the clearing agencies that stand at the center of our financial system,” she said. “And, I expect the Commission will soon implement critical Dodd-Frank Act rules for credit rating agencies and securitization, in addition to finalizing important new rules for money market funds.
