April 15, 2011
"While I appreciate and agree with those that want to ensure regulatory reforms are drafted in an appropriate fashion and not done in a hasty manner due to stringent timetables, legislation to delay the Dodd-Frank Wall Street Reform and Consumer Protection Act is not needed in my opinion.
Regulatory reforms are important to implement correctly, but they are also time-sensitive. Hundreds of trillions of dollars in trading remain completely unregulated. It is exactly this "dark" trading that helped lead to a hideous bail-out paid for by taxpayers.
While regulatory agencies may not be able to make every deadline required under the reform bill, because we want to fine-tune such rules and regulations, the urgency Congress has already placed on getting reforms implemented is just as important today as it was when this good and needed legislation became law."
Last Updated: April 18, 2011