Are the CFTC, SEC and Fed equipped for their new powers?
Despite a last-minute hitch, the final text of ambitious financial regulatory reform legislation was agreed last month, which would hand supervisors sweeping new powers over financial institutions. But are regulators equipped for their new responsibilities? Peter Madigan reports
Four days after the Congressional conference committee on financial reform signed off on the language of a unified bill – sparking a round of high-fiving, back-slapping and tearful testimonials – negotiators were forced to reopen the debate. It should prove a temporary hitch. The death of Democrat senator Robert Byrd, coupled with the defections of two crucial moderate Republican supporters of the bill, left Democrats needing to shore up support, which they did by ditching plans for a $19
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