Dodd-Frank Debated… in the E.U. Parliament

By Sam Obenhaus

The United Kingdom wants banking regulations covered by the Transatlantic Trade and Investment Partnership (TTIP), a free trade agreement being negotiated by the United States and European Union.  The United States, however, is opposed to including the matter.  

According to Lord Ian Livingston of Parkhead, the U.K. Minister for Trade and Investment, U.S. negotiators have expressed fear that any agreement on banking regulations will have the effect of unwinding key parts of Dodd-Frank, the important but controversial financial reform bill passed in the wake of the Great Recession.  

“If you go back to Glass Steagal, America has felt that things were unwound over time and that that's problematical. They don't want the same thing to happen with Dodd Frank,” he said, while speaking before the E.U. Sub-Committee on External Affairs. 

According to the E.U. Trade Commissioner, the two sides aim to complete negotiations on the entire agreement by November. Bloomberg BNA has more on this issue and the ongoing negotiation of TTIP.