May 9, 2011
GOP lawmakers called upon regulatory agencies to provide further clarification regarding the projected budgets for implementing new Dodd-Frank rules, according to the Wall Street Journal.
The newspaper reports that congressional aides say Rep. Michael Conaway (R-TX) intends Tuesday to introduce legislation that would mandate the Commodity Futures Trading Commission to review both the expenditures and advantages of all its proposed regulations, including the effect on market liquidity. On Monday, several GOP senators asked for inspector general reviews of “economic analyses” undertaken by all regulatory agencies drafting Dodd-Frank rules.
“A letter, signed by 10 Republican members of the Senate Banking Committee, says the Dodd-Frank rules ‘will have a long-term effect on economic growth’ and that ‘Democrats paid little attention to the potential costs of Dodd-Frank before the fact,’” reports the Wall Street Journal.
The request comes in light of an IG report of four CFTC regulations that revealed the agency leaned more on insight from its general counsel than its Office of Chief Economist. That IG report was requested by Conaway and other GOP lawmakers. Click here to read more about the actions GOP lawmakers are taking to gain further clarity about expenditures related to Dodd-Frank.
