Unfinished Business - Counterparty Risk Management

It?s easy to criticize the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the controversial legislation aimed at strengthening the nation?s financial system. At 848 pages, the law is frightfully obese, yet crucial details are missing. Like most two-year-olds (July 21 marks the second anniversary of its passage) the law is still wobbly on its feet, with progress measured in baby steps. Proponents laud it, while critics see a law only its creators could love. Even many who appreciate its mission question whether it will ever be achieved.

?No law can prevent incompetent management or fraudulent management,? warns Jeffrey Burchill, CFO of insurance company FM Global. ?You can penalize people for gross error or gross misconduct, but it?s very difficult to prevent that conduct.?

Dodd-Frank nonetheless aims to try. The most sweeping regulatory overhaul of the financial services industry since the Great Depression, the law created several oversight bodies and a deluge of rules for the industry. Yet because the legislation was drafted so hurriedly, and because the matters it tackles are so complex, Congress left much of the heavy lifting to regulators, saddling them with nearly 400 rulemaking requirements and calling upon them to complete dozens of studies.

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Source: http://www.counterpartyriskmanagement.org/unfinished-business.aspx

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