Rodge Cohen Quoted in Wall Street Journal Article on Global Financial Policies

November 3, 2011
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On November 3, Mr. Cohen was quoted in The Wall Street Journal article titled, “Bernanke and Banks Tested by Latest Market Strains,” which explored how the current European banking and financial issues are impacting the world economy, three years after the initial global financial crisis. The article noted that although the United States has instituted such regulations as the Dodd-Frank Act to better protect the national economy, these policies are not reciprocated abroad, which could pose a potential problem in the event of a larger, more wide-spread financial crisis. As the article explained, it will be difficult for U.S. regulators to persuade other countries to adhere to an agreement on global bankruptcy rules for big firms. “U.S. law strongly favors domestic creditors over foreign ones, giving other countries little incentive to cooperate,” said Mr. Cohen in a discussion with FDIC officials in June, which was noted by the WSJ in the article. “You are being given an impossible task.”