Republicans hoping to derail the Dodd-Frank financial overhaul bill have implemented a new approach of questioning the thoroughness of regulators’ work, according to Reuters.
The media outlet reports that Republicans in a letter wondered if U.S. regulators were fully abiding to proper procedures with regards to evaluating public comments and executing in-depth economic studies on the affect of the new measures on the industry.
“We are concerned that regulators are not allowing adequate time for meaningful public comment on their proposed rules,” said the letter, which was sent this week to Treasury Secretary Timothy Geithner, leaders of the Fed, as well as market and banking regulators.
Reuters reports that lapses in protocol adherence have already forced the Securities and Exchange Commission to retrace its steps on several regulatory issues. The media outlet states that these instances could present problems for Dodd-Frank should industry groups decide to challenge regulators’ decisions. The SEC has been without a chief economist for 10 months, according to Reuters.
“We also believe that regulators are not conducting rigorous analyses of the costs and benefits of their rules and the effects those rules could have on the economy,” said the letter, signed by the Republicans on the Senate Banking Committee, which oversees the implementation of Dodd-Frank.
Click here to read more on the Republican’s new tactic for delaying Dodd-Frank.
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