Wall Street, Financial System 'Failed America': CFTC Chairman
Implementation of the Dodd-Frank financial services law will mean more transparency, and "might shift some of the information advantage from Wall Street to Main Street," Gary Gensler, chairman of U.S. Commodity Futures Trading Commission, told CNBC Thursday.
"Wall Street and the financial system failed America, and far too many Americans are out of work because they didn't have the protection of regulated markets," Gensler said.
The Dodd-Frank Act designates banks with more than $50 billion in assets as systemically important, and gives the Federal Reserve the ability to boost oversight and set tougher standards in hopes of avoiding a repeat of the financial market collapse during the 2007-2009 crisis.
However, he said, it will still take some time for Wall Street firms to make the shift to lower risk and greater transparency.
"There's a lot of international coordination on this," Gensler added, "and the President and heads of 20 other countries have committed to get this job done by 2012."
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