Dodd-Frank Has Unintended Consequences
For Energy Industry, Bauer Speakers Say
“Streetwise Prof” and Industry Expert Address Dodd-Frank Implications During Final DLS of Spring Semester
Published on April 16, 2013
Bauer professor Craig Pirrong, left, and AGL Resources senior manager Katherine Torres talked Dodd-Frank and energy at the last Distinguished Leaders Series event of the spring semester.
Sweeping legislation enacted in response to the economic decline of 2008 has implications beyond the financial services industry, according to speakers at a recent Distinguished Leaders Series event held at the C. T. Bauer College of Business.
The Dodd-Frank Wall Street Reform and Consumer Protection Act has the potential to impact many industry sectors, with energy professionals already feeling the hit, according to Craig Pirrong, one of the speakers at the April 10 talk titled, “Dodd-Frank Implications for the Energy Industry and Firms.”
“Dodd- Frank is likely to have a series of unintended consequences and the energy industry is one that’s already seeing it,” said Pirrong, a finance professor at Bauer and director of energy markets for the college’s Global Energy Management Institute. “In addition to Dodd-Frank, we have all sorts of rules to implement with it, so we’re in for a period of legal uncertainty.”
The evening’s second speaker, Katherine Torres, a senior manager of risk & control for AGL Resources, echoed Pirrong. The professionals dealing with swaps and trades are now making adjustments in their daily practices to comply with new laws, she said.
“Dodd-Frank has impacted key players in the stock market in different asset classes,” Torres said. “Depending on what class you are determines what you have to do in order to comply with Dodd-Frank.”
Presented by AGL Resources and their Houston-based companies, the DLS serves as an opportunity for exploring topical issues in business, with an emphasis on the energy industry. Speakers are hosted on campus twice a semester for talks open to students, alumni, the campus community and local business professionals.
Bauer professor Craig Pirrong maintains a popular blog, The Streetwise Professor, and was recently asked by The Wall Street Journal to serve as one of its Energy Experts in an online series.