Bloomberg Brief Financial Regulation

Gensler will be remembered as the Brooksley Born of our time,” Rodriguez Valladares said. “He understands that to end too big to fail, cross-border derivatives reform is critical. The downside to the democratic aspect of rulemaking is that sometimes you have to compromise even when it is not in the best interest of the U.S.” She added: “Investors in banks should double their efforts to conduct due diligence on banks’ derivatives portfolios, because substituted compliance might result in no compliance.”

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