Republican Presidential nominee Mitt Romneys pledge to
repeal the Dodd-Frank Act, if elected, speculation has grown as
to whether US-style Liikanen reforms could feasibly replace Volcker.
But US lawyers are skeptical.
In an October 3
Presidential debate, Romney made clear his intentions to
replace Dodd-Frank with a streamlined framework of financial
regulation that would be simpler and less burdensome for
Lawyers in the
UK believe US institutions would be receptive to the reforms
suggested this month by the EU Liikanen Commission, which
include separating risky trading activities from banks
deposit-taking function, and new rules on capital reserves and
But Bingham McCutchen partner James Rockett said even the
Dodd-Frank bill had been enacted prematurely, without proper
analysis of what...