'Weak and watered down' regulatory relief in US
WASHINGTON, DC – New legislation signed into law last month, designed to relieve regulatory pressure on US financial institutions, is "weak and watered down".
That is the assessment of one commentator who expressed dismay that the new Financial Services Regulatory Relief Bill does not go far enough in its basic aim to do away with onerous and unnecessary regulation.
Among the numerous statutes laid out in the bill is a provision for the Federal Reserve to have greater autonomy in setting the ratio of reserves a depository institution must hold against its transaction accounts, even going so far as to permit a zero reserve ratio if appropriate.
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