Bailout obsession holds back US CCP resolution regime

Dodd-Frank leaves legal uncertainty, but proposed alternatives could be even worse

Since 2008, bailout has been a dirty word in the US for Democrat and Republican politicians alike. But the zeal with which Jeb Hensarling, Republican chair of the House Financial Services Committee, is hunting down any hint of a risk of bailout is uniting regulators and market participants in the worry the concept could be taken too far. Above all, while its application to banks may be justified, efforts to extend a bank-style resolution regime to derivatives central clearing counterparties

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