House Financial Services Committee members held heated discussions yesterday on the effectiveness of the Dodd-Frank legislation but none of them recommended the law be repealed. Members representing the Securities Industry and Financial Markets Association (SIFMA), the US Chamber of Commerce, and the Investment Company Institute (ICI) all noted that revisions needed to be made. But some felt that regulation of the derivatives markets, for example, were a step forward.
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The Financial Institutions and Consumer Credit Subcommittee meets tomorrow (July 12) to discuss the impact of the law on mortgage reforms from the perspectives of both consumers and the mortgage markets.
Topics of discussion during the House Financial Services Committee meeting included the proposed changes in money fund regulation and whether derivatives regulation
and the Volcker Rule hurt or help the markets and consumers.
Many felt that actions already taken to protect consumers regarding money market funds were sufficient and that further regulation would be harmful. Another focus of the meeting was the issue of adequate funding for regulators, primarily the SEC.