U.S. regulators should publish a schedule for when all Dodd-Frank Act rules will take effect to smooth a “haphazard implementation process” that is hurting the economy, Representative Scott Garrett said in a letter.
“To put it gently, the piecemeal rulemaking process has perpetuated uncertainty, which is holding back economic growth,” Garrett, a New Jersey Republican, wrote to Treasury Secretary Timothy F. Geithner in the letter released today.
Garrett, a member of the House Financial Services Committee, said the Financial Stability Oversight Council led by Geithner should publish an implementation schedule by Nov. 15 to address “grave concerns about the lack of direction that U.S. financial regulators have provided thus far.”
Geithner is scheduled to testify tomorrow before the Financial Services Committee and the Senate Banking Committee to discuss the first annual report from FSOC, a 10-member council of regulators created by Dodd-Frank, the financial-rules overhaul enacted last year.
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