DODD-FRANK law was attacked by Romney’s Financial Services advisor, Ben Webber in a 5/16 radio broadcast (PBS “To The Point”. He claimed that banking services were being hampered by the slowness of the regulators to draft the multitude of regulations needed to implement the act. He blamed the DF law itself. However the “Venable” report: http://www.venable.com/files/Publication/b9895386-1b7c-496e-aa64-3cc256634f12/Presentation - -had this to say: “ - -- Republicans - - - cut the budget of those agencies in charge of writing the new rules under the Dodd-Frank Act and hold multiple investigative hearings on controversial provisions of the law. This systematic approach allows them to slow the implementation process, while buying time to review specific provisions they claim are overly burdensome and costly for companies to comply with. Regulators from the Commodity Futures Trading Commission, FDIC, the Fed and SEC have held a whopping 3,445 meetings with outside groups since Dodd-Frank’s passage, according to law firm Davis Polk, which has been tracking the process. “The Dodd-Frank Act requires the SEC to write over 100 rules, and the CFTC is to write over 50 rules by July 15, 2011; many of them jointly with the SEC. CFTC Chairman Gary Gensler has recently stated that many of the rules will miss this deadline due to budgetary constraints. This, he said, is due to the House Republicans' plan to reduce the CFTC's budget of $168.8 million by $56.8 million. The GOP spending bill also reduces the SEC's $1.12 billion budget by $25 million. Both CFTC Chairman Gensler and SEC Chairwoman Mary Schapiro have repeatedly testified that the cuts in their budgets will impede each agencies' ability to properly write and implement the rules required under the Dodd-Frank Act.” Comment continued:   While not the sole cause of delay the machinations of Congressional Republicans is the primary cause of the delay. If drafting is not expedited we may be looking at a threat of new financial meltdown. ... See More User ID: http://washingtonpost.com/YReDhWwCaJijx0%2BieSsnlMgoWI6YUHMFVlNQOUtKBgd/tT03sC7QkQ%3D%3D/
Posted by wayneecomer