The Wall Street Journal: Don’t repeal financial reforms, outgoing CFTC chief warns


The Wall Street Journal: Don’t repeal financial reforms, outgoing CFTC chief warns
  1. The Wall Street Journal: Don’t repeal financial reforms, outgoing CFTC chief warns
    marketwatch.com
    Timothy Massad, the outgoing chairman of the Commodity Futures Trading Commission, warned the incoming Donald Trump administration against rolling back postcrisis financial regulation. …
    Finance

Timothy Massad, the outgoing chairman of the Commodity Futures Trading Commission, warned the incoming Donald Trump administration against rolling back postcrisis financial regulation.

“My belief is that to repeal or dismantle the reforms we have implemented would be a major mistake,” Massad said Tuesday during a speech at the London School of Economics. “Their repeal would not contribute to improving the economic conditions that might have given rise to populist discontent expressed in recent elections.”

Financial overhauls introduced after the financial crisis, such as the 2010 Dodd-Frank Act, could however be improved upon, he said.

“As regulators, we should approach our jobs with a degree of humility,” he said. “Financial markets develop so quickly. It is difficult to write rules that work the way you want them to.” U.S. regulators should focus on central clearinghouses, market liquidity, automated trading and the risk of cyberattacks, he said, although “it is unclear what will happen” amid increasing signs of a potential repeal of postcrisis regulation.

An expanded version of this report appears on WSJ.com.

Trump Refuses to Budge as Russian Hacking Charges Mount
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Over the last year, U.S intelligence officials have accused Russia and its leader Vladimir Putin of cyber attacks in support of Donald Trump’s presidential campaign. Mr. Trump has pushed back hard in a story that continues to play out. Photo Illustration: Heather Seidel/The Wall Street Journal, Photo: Getty Images

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