Publication: Marketplace Radio

Author: John Dimsdale

07/03/2012 —John Dimsdale: They call themselves the Systemic Risk Council, led by the former Federal Deposit Insurance Corporation chair Sheila Bair. The council wants to put teeth in the Dodd-Frank reforms passed in 2010. Bair is especially worried about congressional efforts to de-fund the cops on the regulatory beat.

Sheila Bair: We will be making public statements and trying to bring public attention to this and some counterweight to, no doubt, there was a lot of industry lobbying behind that move. And that’s really unfortunate and very short-sighted, I might say, on the industry’s part.

Former senators Bill Bradley and Alan Simpson are on the council, as is former Treasury Secretary Paul O’Neill. Former Federal Reserve Chairman Paul Volcker is an advisor.

Columbia Law School’s Ira Millstein is the group’s legal counsel.

Ira Millstein: We have no axe to grind. We simply want to point out we’re frustrated and it isn’t happening and something’s got to be done about it.

Read and listen to the full interview, New Group Aims to Break Dodd-Frank Logjam, on the Marketplace Radio website.