The ground-breaking financial reform bill agreed by U.S. lawmakers last week is "toothless," according to Mizuho Securities analyst Jim Antos.
"Some of the most popular measures have been watered down," Antos told CNBC on Monday. "For instance, on the issue of inflated executive pay, shareholders will have the right to vote every 2-3 years, but this will be non-binding on management."
Antos also noted that the contentious Lincoln provision on derivatives trading - that in its most severe form would have required banks to spin off this lucrative business - was also scaled back in the bill to require banks to spin off just their riskiest derivative operations into affiliates.
"So, consequently, it's toothless," he concluded.
Antos believed the bill was a political compromise ahead of the G20 meeting in Toronto at the weekend.