SEC Commissioner Kara M. Stein recently gave remarks on the status of required Dodd-Frank rulemakings.  The pay ratio, claw back, conflict minerals and resources extraction rules didn’t really seem all that important to her though. I kind of agree, since I don’t really understand how these rules prevent another financial crisis.  She was focused on systematic risk.

Part of it is a trip down memory lane.  Ms. Stein said “I certainly remember looking at a streamlined, three-page document authorizing the expenditure of several hundred billions of taxpayer dollars—with almost no strings attached.  One doesn’t soon forget that.”  Yes, and I liked Hank Paulson’s plans.

Ms. Stein goes on to note “Many of the most important systemic risk reforms of the Dodd-Frank Act just aren’t done.  We need to finish these rules now; we cannot afford to wait.”