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Dodd-Frank Act Regulations - Implementation Could Benefit from Additional Analysis and Coordination (Paperback)
Loot Price: R460
Discovery Miles 4 600
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Dodd-Frank Act Regulations - Implementation Could Benefit from Additional Analysis and Coordination (Paperback)
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Loot Price R460
Discovery Miles 4 600
Expected to ship within 10 - 15 working days
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GAO - 12-151, Dodd-Frank Act Regulations, addresses The Dodd-Frank
Wall Street Reform and Consumer Protection Act (Dodd-Frank Act)
which requires or authorizes various federal financial regulators
to issue hundreds of rules to implement reforms intended to
strengthen the financial services industry. GAO is required to
annually study financial services regulations. This report examines
(1) the regulatory analyses, including cost-benefit analyses,
financial regulators have performed to assess the impact of
selected final rules issued pursuant to the Dodd-Frank Act; (2) how
financial regulators consulted with each other in implementing the
selected final rules to avoid duplication or conflicts; and (3)
what is known about the impact of the final rules. GAO examined the
32 final Dodd-Frank Act rules in effect as of July 21, 2011; the
regulatory analyses conducted for 10 of the 32 rules that allowed
for some level of agency discretion; statutes and executive orders
requiring agencies to perform regulatory analysis; and studies on
the impact of the Dodd-Frank Act. GAO also interviewed regulators,
academics, and industry representatives. Federal financial
regulators are required to conduct a variety of regulatory
analyses, but the requirements vary and none of the regulators are
required to conduct benefit-cost analysis. All financial regulators
must analyze the paperwork burden imposed by their rules and
consider the impact of their rules on small entities as part of
their rulemaking process. The Commodity Futures Trading Commission
and the Securities and Exchange Commission are also required under
their authorizing statutes to consider certain benefits and costs
of their rules. As independent regulatory agencies, the federal
financial regulators are not subject to executive orders requiring
federal agencies to conduct detailed benefit-cost analysis in
accordance with a guidance issued by the Office of Management and
Budget (OMB). Financial regulators are not required to follow OMB's
guidance, but most told GAO that they attempt to follow the
guidance in principle or spirit. GAO's review of regulators'
rulemaking policies and 10 final rules found inconsistencies in the
extent to which OMB's guidance was reflected. GAO recommends that
to the extent the regulators strive to follow OMB's guidance, they
should take steps to more fully incorporate the guidance into their
rulemaking policies and ensure that it is consistently followed.
Although federal financial regulators have coordinated their
rulemaking, they generally lacked formal policies to guide these
efforts. The Dodd-Frank Act establishes interagency coordination
requirements for certain agencies and for specific rules or subject
matters. However, for other rules, the regulators have discretion
as to whether interagency coordination should occur. The Financial
Stability Oversight Council (FSOC) is tasked with facilitating
coordination among member agencies but, to date, has played a
limited role in doing so beyond its own rulemakings as it continues
to define its role. Several regulators voluntarily coordinated with
each other on some of the rules GAO reviewed. However, most of the
regulators, including the Bureau of Consumer Financial Protection,
lacked written protocols for interagency coordination, a leading
practice that GAO has previously identified for interagency
coordination. GAO recommends that FSOC work with the financial
regulators to develop such protocols for Dodd-Frank Act rulemaking.
General
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