Tags:

Republicans Seek Economic Analysis of Dodd-Frank

Wednesday, 15 Jun 2011 09:56 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

* Senate banking Republicans seek cost-benefit reviews

* Comes after JPM's Dimon pressed Bernanke on issue

* CFTC IG has criticized agency on sloppy reviews

WASHINGTON (Reuters) - Republicans on the U.S. Senate Banking Committee will examine whether regulators are doing enough to analyze the economic impact of dozens of financial reforms.

Chairman Richard Shelby and nine other Republicans said they will conduct "in-depth briefings" with the internal watchdogs of the Commodity Futures Trading Commission, the Securities and Exchange Commission, the Federal Reserve and other regulators, the Republicans on the committee said in a statement Wednesday.

The Republicans' call for the review comes days after JPMorgan Chase Chief Executive Jamie Dimon publicly challenged Fed Chairman Ben Bernanke on the issue.

"Has anyone bothered to study the cumulative effect of all these things?" Dimon asked at a bank conference in Atlanta. Bernanke said that's not possible given how many changes have been made.

Republican lawmakers, along with those affected by the 2010 Dodd-Frank reform law, have accused regulators of emphasizing speed over deliberation in writing new rules.

They have been given ammunition by some of the regulators' inspectors general.

The CFTC's IG in April issued a 21-page report saying the agency rushed to meet arbitrary deadlines, and failed to sufficiently analyze the costs and benefits of new rules for swaps traders. [ID:nN18242989]

"We must continue to monitor and improve the amount and type of analysis that the financial regulators are conducting in implementing this far-reaching law," Shelby said Wednesday.

The CFTC and SEC are required to conduct economic analyses of their rulemaking, and sloppy cost-benefit analyses could make reforms vulnerable to legal challenges.

Federal regulators are struggling to carefully write and publish the slew of new rules, and have consistently missed deadlines set out in Dodd-Frank. (Reporting by Karey Wutkowski; Editing by Tim Dobbyn)

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Poll Watchers on Both Sides Keeping Close Eye on Voter ID Laws

Saturday, 25 Oct 2014 16:41 PM

Poll watchers for both liberal and conservative groups will be battling over voter ID laws on Election Day, with Democra . . .

Journalist Says Body Was 'At War' With Ebola

Saturday, 25 Oct 2014 15:43 PM

Ashoka Mukpo knew he really was in trouble when he saw the people treating him in full suits and hoods.The American vide . . .

Returning Ebola Health Workers to Get Paid Leave at Hospital

Saturday, 25 Oct 2014 15:14 PM

Employees returning from the West African countries hit hardest by Ebola will get a 21-day paid furlough from New York-P . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved