Y. David Scharf Quoted on Financial Firms Facing Regulatory Risk from States
April 20, 2017 - Morrison Cohen Partner Y. David Scharf is quoted on financial firms facing a potential rise in legal and regulatory risk from states and courts as the Trump administration moves to undo Dodd-Frank and lower enforcement thresholds in the article “Firms May Face Wider Legal, Regulatory Risk as U.S. States Confront Trump Deregulation” that appeared in Reuters on April 17, 2017.
“It is not just state attorneys general who are activists, there is also an activist judiciary, said attorney David Scharf of Morrison Cohen LLP. He expects a steady rise in legal actions over the next few years. The legal battle over the White House attempts to impose travel bans showed courts were willing to oppose the administration, and the same can be expected with financial services industry regulation, he said.”
“To be sure, a Republican White House and Congress, with a conservative-majority Supreme Court, will be in a strong position to reverse the unprecedented wave of financial regulation that followed the financial crisis. But it is ‘highly improbable that everything they want will make it through Congress,’ Scharf said. ‘A lot of it has just been proposed for study, and is nowhere near becoming law.’”