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Goldman Sachs CEO Questions Some Dodd-Frank Provisions

Dodd-Frank seeks to patch a fractured financial industry, but companies are un

In a recent interview with Marketplace, the CEO of Goldman Sachs, Lloyd Blankfein, made some unexpected comments about the Dodd-Frank Wall Street Reform and Consumer Protection Act. The law, passed in 2010, has been slammed by many in the financial services world as being overly restrictive. But

In a recent interview with Marketplace, the CEO of Goldman Sachs, Lloyd Blankfein, made some unexpected comments about the Dodd-Frank Wall Street Reform and Consumer Protection Act. The law, passed in 2010, has been slammed by many in the financial services world as being overly restrictive. But Blankfein said that even if he had the option, he would not repeal Dodd-Frank.

"Overall we needed to have reform," Blankfein said of the regulations in the interview. "A lot of the reforms contained in Dodd-Frank look good to me and some of them look excessive and some of them may even turn out to be inadequate." He acknowledged that more would have to be done and said it was too soon to judge "whether it's too much or not enough."

Meanwhile, others are lobbying hard to make changes or push back implementation of certain Dodd-Frank measures, Newsday reports.

Trade associations and representatives of financial and automotive companies have met with the U.S. Commodity Futures Trading Commission (CFTC) to offer their opinions before certain requirements under Dodd-Frank go into effect on October 12. The CFTC is working with the Securities and Exchange Commission are working together to create rules under the act, the source notes.