WASHINGTON -- Too often the initial reactions of federal financial regulators to the recent economic crisis have been driven by political motivations and shoddy economic analysis, Paul Atkins, a former commissioner at the Securities and Exchange Commission, warned on Monday.
In a keynote address kicking off the Insured Retirement Institute's Government, Legal and Regulatory conference, Atkins, now the CEO of Patomak Global Partners, offered a round critique of the Dodd-Frank Act and the myriad rulemaking proceedings that it set in motion. Broadly, Atkins argued, the provisions in the bill that aimed to create a stabilizing effect on financial markets stemmed from a misdiagnosis of the crisis of 2008, which he lays at the feet of the lax housing policies in place at government-backed mortgage lenders Fannie Mae and Freddie Mac coupled with an excessive reliance on ratings agencies.
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