The Oversight and Investigations Subcommittee held a hearing focusing on "Too Big to Fail." Oversight and Investigation Subcommittee Chairman Patrick McHenry (R-NC) said the following at the hearing: "The fact is that Dodd-Frank did not end ‘Too Big to Fail,’ but instead enshrined it. Title II of Dodd-Frank, which created the Orderly Liquidation Authority, made government guarantees for systemically important financial institutions explicit . . . and it is this explicit guarantee that not only provides an unfair advantage to the biggest and most powerful companies and institutions, but in

FDIC Chairman Martin Gruenberg spoke at the Exchequer Club in Washington, DC on May 15, 2013, giving a brief overview of the current state of the banking industry and the progress made by the FDIC in its Community Banking Initiative. He also addressed the FDIC's efforts to implement its authority to resolve systemically important financial institutions, particularly with respect to the FDIC's international coordination on resolution planning efforts. View remarks in full here (links externally to FDIC website).

At the SEC roundtable on credit ratings, Chairman Mary Jo White delivered opening remarks emphasizing the critical "gatekeeper" role played in the debt market by NRSROs and the impact of credit ratings on the economy. Commissioner Aguilar discussed the importance of improving the credit ratings system. Chairman White reiterated that the roundtable is dedicated to allowing all sides to discuss possible regulatory or statutory changes to the current model subsequent to the SEC requesting public comment on the issue. In his remarks, Commissioner Aguilar went on to discuss studies which have found

NASAA published the attached report documenting the "IA Switch," which led to the regulatory transfer of more than 2,100 investment advisers from federal to state oversight. The switch occurred as a result of the assets under management ("AUM") threshold for state regulation of investment advisers being raised from $25 million to $100 million, and stemmed from Dodd-Frank Section 410 ("State and Federal responsibilities; asset threshold for Federal registration of investment"). Lofchie Comment: Essentially, the piece says that the states will do a better job of regulating investment advisers

CFTC Commissioner Scott D. O'Malia delivered a keynote address at Energy Risk USA 2013, in which he (i) criticized the Dodd-Frank rulemaking process, (ii) asserted that a significant number of unknowns had been created by Dodd-Frank and the implementing rules, (iii) wondered whether Dodd-Frank had not made the markets worse for end users and (iv) questioned whether Dodd-Frank had not made the markets even riskier by centralizing risk in a very limited number of clearing corporations. As to the rulemaking process, Commissioner O'Malia said that, in its "rush to implement all the rules," the