President Obama has created a Council on Jobs and Competitiveness, chaired by GE’s Jeff Immelt. Congressional Republicans have promised vigorous oversight of Dodd-Frank for “jobs killing” provisions.
To connect the dots, we need to ensure that the United States is a country that “finances things” and encourages “investments in things” as competitively as any financial center on the planet.
Here are three practical suggestions for action.
First, the President can direct Treasury Secretary Geithner to apply his new Executive Order – “promoting economic growth, innovation, competitiveness, and job creation”- to all of the rules and actions of the Financial Stability Oversight Council.
Second, Congressional committees can oversee a balanced and effective outcome for all Dodd-Frank rules.
Third, the financial industry can start its own diagnostic of Dodd-Frank through the lens of the president’s new Executive Order for later discussions with policymakers and regulators.
Guest Post by Greg Wilson: Greg Wilson, the author of “Managing to the New Regulatory Reality: Doing Business under the Dodd-Frank Act,” is a consultant and a former Treasury Department official in the Reagan and George H.W. Bush administrations.
“Managing to the New Regulatory Reality: Doing Business under the Dodd-Frank Act” is available for purchase at: http://gregwilsonconsulting.com/