Valin Posted June 8, 2010 Share Posted June 8, 2010 WSJ:Geithner, Dodd, Frank to Play Big Role in Crafting Finance Rules Behind the ScenesDAMIAN PALETTAThree men burnished and tarnished by the financial crisis are expected to wield disproportionate influence over Congress's final push to write a new law for financial regulations.Treasury Secretary Timothy Geithner, House Financial Services Committee Chairman Barney Frank and Senate Banking Committee Chairman Christopher Dodd bring to the negotiations experience from the government's rapid and often ad hoc response to the financial crisis, including the controversial decision to risk taxpayer money to bail out the financial sector.The three have said that the experience from the financial crisis should serve as the foundation for what new regulations should look like.As a result, people who know them say, they are likely to show willingness to negotiate on parts of the bill they don't view as core, while being intractable on pieces they view as elemental.That could mean easing provisions with strict limits on derivatives trading, proposed restrictions on fees banks charge retailers and even agreeing to allow auto dealers to be exempt from new lending rules.They are expected to be inflexible on other parts, such as tight regulation over large financial companies and the creation of government powers to break up failing firms......(Snip) Link to comment Share on other sites More sharing options...
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