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Wall Street And Republican Lawmakers Thwart Us Financial Reforms

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A year later Dodd-Frank is looking less historic. Of the 380 rules that were supposed to have been written for the bill by the end of next month, only 30 have been finalised. And the biggest most contentious areas, including the regulation of derivatives and what makes an entity "too big to fail," remain in flux. Regulatory experts don't expect any resolution before mid-2012 and many expect a watered down bill to be further diluted by furious lobbying from an increasingly confident Wall Street.

Even Wall Street friendly Treasury secretary Timothy Geithner is concerned. He told a Washington committee last week that US financial institutions were spending "a huge amount of money to erode, weaken, walk back" Dodd-Frank. Geithner asked Congress not to weaken or delay the new rules. Gary Gensler, the chairman of the commodity futures trading commission, has warned that delays in implementing Dodd-Frank "increase risk to the American people and leave significant uncertainty in the marketplace."

No doubt the bankers are busy spending taxpayer bailout money on this.

It's a great system we've got.

The too big to fail test seems an easy one to resolve if you business equals the size of say 10% (a number picked at random) yearly GDP, your too big.

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