SIFMA says not looking to roll back Dodd-Frank law

* Ryan says industry supports many parts of new law

* Industry wants international regulators to work together

By Dave Clarke

WASHINGTON, Oct 26 (BestGrowthStock) – A major financial services
trade group said on Tuesday it is not seeking to roll back key
portions of the new U.S. financial reform law regardless of the
outcome of the November elections.

Although the Dodd-Fank reform law has been unpopular with
banks and other financial institutions, the chief executive of
the Securities Industry and Financial Markets Association
(SIFMA) said the group is not looking to make major changes in
the law.

“We’re not spending a lot of time on that frankly,” Tim
Ryan, chief executive of SIFMA, said at speech before the
National Economists Club. “This is law now so we work with
reality.”

SIFMA represents hundreds of securities firms, banks and
asset managers, including the likes of Goldman Sachs (GS.N: ) and
Bank of America (BAC.N: ).

Banks and other financial institutions have argued the law
could lead to over-regulation that will choke off their
businesses. Republicans, who are expected to make major gains
in next week’s congressional elections, have been receptive to
this argument and some have called for repealing or defunding
parts of the new law.

Ryan said the financial services industry is not working on
the assumption that a Republican-heavy Congress will mean a
repeal of key components of Dodd-Frank.

He did say, however, that inevitably there will be areas of
the law that industry will want changed as their impact becomes
clear during implementation.

He highlighted the so-called Volcker rule, which sets
strict limits on proprietary trading, as “highly complex” and
not well defined.

Ryan said his group and the financial services industry
strongly support provisions in the law creating a council of
regulators to oversee systemic risk, as well as the new
authority given to regulators to seize and liquidate large
institutions considered vital to financial markets.

He expressed concern that regulators could go too far in
implementing the new law and that “we end up with consequences
no one anticipated.”
(Reporting by Dave Clarke, Editing by Leslie Adler)

SIFMA says not looking to roll back Dodd-Frank law