Former Representative Barney Frank, who Chaired the Committee when the DFA was passed, is scheduled to appear as a witness. The other witnesses are:
- Mr. Anthony J. Carfang, Partner, Treasury Strategies, Inc.
- Mr. Thomas C. Deas, Vice President & Treasurer, FMC Corporation, on behalf of the Coalition for Derivatives End-Users
- Mr. Paul H. Kupiec, Resident Scholar, American Enterprise Institute
- Mr. Dale K. Wilson, Chairman, President, and Chief Executive Officer, First State Bank
In connection with the DFA's fourth anniversary, ABA President and CEO Frank Keating made several media appearances yesterday. The bill is a mixed bag, he noted on Bloomberg’s “Bottom Line” program.
“There are some good things in the law,” he noted -- for example, “it says that no institution is too big to fail” and provides “a mechanism to ensure that’s the case.” It also furnishes a mechanism for regulation of systemically significant nonbanks, he pointed out.
However, Keating added, the Consumer Financial Protection Bureau needs more oversight, and mortgage rules based on Dodd-Frank are hindering the housing market. “I hope both Republicans and Democrats go back to the drawing board and amend those things that harm us as an economy and leave in those things that save us from reckless lending and the collapse of a big institution.”
Keating also appeared on Fox Business and Bloomberg Radio.
Republicans on the House Financial Services Committee yesterday released a report finding that the regulatory structure created by the Dodd-Frank Act does not sufficiently address the problem of too-big-to-fail financial institutions. The report argued that the orderly liquidation authority created by Title II of Dodd-Frank is untested and continues to leave taxpayers exposed to the costs of winding down a failing firm.
Meanwhile, Financial Services Committee Democrats released their own report defending Dodd-Frank’s track record, arguing that the bill reduced the risk of bailouts by providing regulators with tools to address systemic threats.