So, on its one year anniversary, Republicans and industry groups used the occasion to lambast the bill for what they call “dangerous government overreaching.”
Accusations that it has not only failed to heal the economy, but it has added to the uncertainty that has kept businesses from hiring more people was the overwhelming feeling at a Senate hearing last Thursday where Sen. Richard Shelby (R-Ala) told top regulators that the Dodd-Frank Wall Street Reform and Consumer Protection Act has “turned the financial regulatory landscape into a nightmare.”
Regulators are struggling to enact the complex pieces of the law and threats of budget cuts loom on the horizon.
So how does the banking industry view the reform on its “birthday?” OnWallSteet’s Ruthie Ackerman reported on the Grant Thornton LLP recent Bank Executive Survey which found that 48% of bankers believe financial reform will not prevent another bank bailout.
Bankers talk about the challenges presented by the reforms, but agree that they see “some” positive impact including increased attention towards risk management and compensation frameworks that reward executives for long-term performances rather than short-term gains.
The good news is that 44% of local bankers believe their local economy will improve in the next six months and they plan an increase in hiring in the next six months.
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