financial regulations
Dodd-Frank Act has growing pains at year onePosted by RJ and Makay on Jul 21, 2011 |
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Today marks the first anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was designed as a sweeping overhaul of the nations financial regulatory system. Amid signs that the tightened regulatory structure could still be rolled back, Treasury Secretary Timothy Geithner said Monday that the financial system was “on more solid ground” than at any time since the financial crisis of 2008.
A continual low interest rate environment and stagnant loan growth are making financial firms a smaller part of the U.S. economy at a time when new regulations are capping fees that banks charge their retail customers. Net revenue at Bank of America, JP Morgan Chase, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley will likely fall 3.7% in the second quarter, the fourth year-over-year decline in five quarters, according to 100 analysts compiled by Bloomberg.
