Dodd-Frank Finance Reform Bill being written by government regulators.
Posted August 11, 2010on:
Anyone following what the little people sitting at little desks in DC filling in the blanks left to them to write in the Dodd-Frank Finance Reform Bill might want to read these articles. You might remember my blogging on how the Congress passed this huge bill but left the details to the regulators newly hired by the government to decide just what the details will be in the actual working of the laws.
Regulators suggest new legislation may be needed to implement FinReg properly, reports Michael Crittenden: “Regulators meeting at the Federal Deposit Insurance Corp. expressed concern about a requirement restricting the use of private credit ratings by federal agencies that was included in the Dodd-Frank legislation. The requirement has forced regulators to put on hold a proposal setting capital standards for thousands of banks, particularly smaller institutions. Regulators complained that they were now left with few attractive alternatives and that the changes they could be forced to make might cause more harm than good.”
FDIC is creating two new divisions to handle FinReg implementation: http://bit.ly/d0AD1Q