Implementing the Dodd–Frank Act: progress to date and recommendations for the future
AbstractI know that I don’t have to tell you that the Commodity Futures Trading Commission (CFTC) has been extraordinarily busy in its efforts to fulfill the regulatory mandates of the Dodd–Frank Wall Street Reform and Consumer Protection Act. As of May 2011, the CFTC has put forth 66 proposed and final rules under the Dodd–Frank Act. Not even counting the last four rule proposals the CFTC voted on, we’re at over 1,046 dense Federal Register pages filled with legal jargon and regulatory requirements. If you were to run the comment periods on all of those proposals consecutively, it would take 2,964 days, or a little over eight years. I doubt I have to give those numbers much context; they speak for themselves. But just for fun, if you were to lay each of those Federal Register pages end to end, they’d stretch two-thirds of the way up the newly renamed Willis Tower. And we’re not done yet, so I am sure we’ll reach the top of the tower before this is all over.
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Bibliographic InfoArticle provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.
Volume (Year): (2012)
Issue (Month): Q III ()
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