Alan Greenspan, the former Federal Reserve chairman, has attacked the Dodd-Frank financial reforms warning they could create the “largest regulatory-induced market distortion” in the US since the imposition of wage and price controls in 1971.
In an article in today’s Financial Times that might encourage Republican attempts to unwind the law, Mr Greenspan says the reforms, passed by Congress last year, would be impossible to implement, distortive to markets and a possible threat to US living standards.
The Dodd-Frank legislation was the Obama administration’s response to the financial crisis, signalling a “re-regulation” of financial markets after the deregulation championed by Mr Greenspan in the 1990s.
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