IMF: Do this, or face another financial crisis
7/7/15
The U.S. government needs to implement greater financial reforms under the Dodd-Frank Act in order to address new risks, the International Monetary Fund said Tuesday. (Tweet This)
"Regulatory reforms remain incomplete and the structure of oversight has scope to be strengthened along a number of dimensions," the IMF said. "The regulatory landscape remains fragmented resulting in gaps, overlaps, and the potential for delayed responses to emerging risks, and should be simplified over time."
The IMF added that while the 2010 enactment of the Dodd-Frank Act, which created the Financial Stability Oversight Council, has taken steps to avoid another crisis similar to the one in 2008, it is not equipped to deal with the risks posed by "new pockets of vulnerabilities" which have emerged since.
"Risks are elevated in the non-bank sector, where 'run' and 'redemption' risks are increasing as a result of leverage and maturity transformation, and deeply interconnected wholesale funding chains. Insurers have taken on greater market risk and could be faced with negative equity in a downside scenario," the report also said, adding that large banks are even more interconnected than they were in 2010.
Aditya Narain, the IMF's Capital Markets Department division chief in financial sector analysis, said in a conference call that "these recommendations need to be implemented to avoid another financial crisis."...
http://finance.yahoo.com/news/imf-face-another-financial-crisis-143004892.html
We need leaders who are looking out for US, like Bernie. We are at risk without financial regulation overhaul. H*ll, even McCain knows this.
This OP....shameful.
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