BNY Mellon CEO Gerald Hassell recently said during a speech to the Boston College Chief Executives’ Club that regulators need to take a break from writing new rules for the financial industry.
to said that regulators need to give the industry a chance to adjust with what has already been written before proceeding to new rules, according to BostonHerlad.com.
“Dodd-Frank is moving along at a fairly rapid pace bit there’s still an enormous amount of rule writing to occur,” Hassell said, BostonHerlad.com reports. “That’s where I would suggest we pause on some of the rule writing because a lot has already transpired. It’s probably naïve of me to think that…will actually occur but that’s just a suggestion.”
During his speech, Hassell also commented on Rep. Barney Frank’s (D-Mass.) retirement announcement.
Hassell said that lthough they may not always agree, he admired Frank’s knowledge of the markets and said that Frank did what he felt was right when he co-wrote the Dodd-Frank Act.
During his retirement announcement, Frank said that he would spend half of his remaining time in office protecting and helping implement the Dodd-Frank law’s tougher banking and investment rules.
“I think Mr. Frank has been incredibly brave as a congressman,” Hassell said, according to BostonHerald.com.