FSOC failing to reform Wall St, says SRC

The US Financial Stability Oversight Council (FSOC) is failing to reform Wall Street, claims the newly-formed Systemic Risk Council (SRC).Signed into law in July 2010, the Dodd-Frank Wall Street Reform & Consumer Protection Act introduced changes to the US financial regulatory environment. But, says the SRC, most of the reforms have yet to be implemented. “Little has been done to address systemic issues lurking throughout the financial system,” SRC chair Sheila Bair said last month. “No one is focused on protecting the public at large.” And in a factsheet outlining six steps to avoiding another financial crisis, the SRC says the “most glaring shortcoming is the FSOC’s failure to designate any nonbank financial institutions as systemically important”.