May 13, 2011
Of all the new regulations required by the Dodd-Frank financial reform bill, law firm Davis Polk revealed during last week’s Senate Banking Committee hearing that only 5.4 percent had been finalized at the end of April, according to Financial News.
At the end of last month, the law firm claims 26 deadlines mandated by the legislation were not met, bringing the total number of missed deadlines to 30.
“Many agencies will have no choice but to miss deadlines in an increasing number of instances,” said the law firm in its report.
Deputy Treasury Secretary Neal Wolin stated the department would initiate another public comment period in order to solicit suggestions on how to define systemically crucial financial institutions and who among them will be subject to further capital regulation.
“To meet the January 2012 implementation deadline for these enhanced standards, we anticipate putting out a package of proposed rules for comment this summer,” added Fed Chairman Ben Bernanke, who also attended the hearing.
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On Friday, the House approved three bills that seek to limit the powers of the new Consumer Financial Protection Bureau, which was created by Dodd-Frank.
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