Almost a year and a half after passage of the Dodd-Frank financial package, the Senate Banking Committee hears from federal officials about progress in implementing the law.
Topics discussed include "too big to fail," Government Sponsored Enterprises (GSE) including Fannie Mae and Freddie Mac, consumer protection, and the Volcker rule, which prohibits banks from making transactions for the sole purpose of benefiting the bank.
Dodd-Frank, known formally as the Wall Street Reform and Consumer Protection Act, is widely seen as the most sweeping change to U.S. financial laws since the Great Depression.
Testifying at the hearing are representatives from numerous agencies repornsible for enforcing financial regulations, including: Deputy Treasury Secretary Neal Wolin; Daniel Tarullo, member of the Federal Reserve System Board of Governors; Mary Schapiro, chairman of the Securities and Exchange Commission; Gary Gensler, chairman of the Commodity Futures Trading Commission; Martin Gruenberg, acting chairman of the Federal Deposit Insurance Corporation; and John Walsh, acting comptroller of the currency.