Passage of Dodd-Frank Act heralds start of rule-making process
Financial reform legislation passes in the US Senate, as focus turns to the complex issue of implementation
The Dodd-Frank Wall Street Reform and Consumer Protection Act became law on July 21, but it leaves crucial questions unanswered. The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) must now flesh out the legislation with granular rules and clarifications.
According to the US Chamber of Commerce, the Act requires federal regulators and the US Government Accountability Office to carry out 47 separate studies, compile 74 unique reports and conduct more
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