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Monday, November 10, 2014

Top Fed Lawyer Points to Dodd-Frank Fixes

The Federal Reserve’s top lawyer pointed to several positive fixes that Congress could make to the Dodd-Frank Act. Speaking at a legal conference in Washington, D.C., Scott Alvarez — the board’s general counsel — noted that “there [are] certainly things we think could be revisited in Dodd-Frank.”

Among them: relief for smaller banks. “We see now there’s probably more room to give small institutions a break under a variety of provisions in Dodd-Frank,” Alvarez said. ABA has advocated for numerous bipartisan Dodd-Frank reg relief measures that have passed the House and been introduced in the Senate.

He also called for a fix to restrictions on the use of credit ratings agencies and the swaps pushout rule, which requires banks to get rid of derivatives trading businesses. “You can tell that was written at 2:30 in the morning and so that needs to be, I think, revisited just to make sense of it,” Alvarez explained.

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