U.S. Deputy Treasury Secretary Neal Wolin said that lawmakers and lobbyists opposed to the Dodd-Frank Act will fail in efforts to roll back parts of the regulatory overhaul enacted in response to the 2008 credit crisis, Bloomberg News reported yesterday. U.S. regulators including the Federal Reserve and Securities and Exchange Commission are nearly two years into implementing Dodd-Frank. Regulators still have dozens of measures to complete, including the Volcker rule that will ban proprietary trading at banks such as Goldman Sachs Group Inc. and JPMorgan Chase & Co. Wolin and other Obama administration officials are defending Dodd-Frank against attacks by congressional Republicans, who stepped up efforts to overturn portions of the law after their party took control of the House last year. The House Financial Services Committee last month voted to repeal the law's resolution authority, which gives the Federal Deposit Insurance Corp. power to liquidate systemically important companies whose collapse could imperil the broader economy.
