WASHINGTON BUREAU — Republican senators are asking federal financial services regulators to give interested parties at least 60 days to comment on proposed Dodd-Frank Wall Street Reform and Consumer Protection Act regulations.
The lawmakers who signed the letter are members of the Senate Banking, Housing and Urban Affairs Committee. They include Sens. Richard Shelby, R-Ala., and Mike Crapo, R-Idaho, two of the highest ranking Republicans on the committee, which expects to hold a hearing Thursday on Dodd-Frank act implementation.
The Republican lawmakers say they sent the letter because they want to keep regulators from sacrificing quality and fairness in exchange for speed.
The letter was sent today to a group of regulators that includes Ben Bernanke, chairman of the Federal Reserve Board; Mary Schapiro, chairman of the U.S. Securities and Exchange Commission (SEC); Sheila Bair, chairman of the Federal Deposit Insurance Corp.; Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC); and John Walsh, acting comptroller of the Currency.
Republican senators say they are sending the letter because they have concerns about reports that regulators are “not allowing adequate time for meaningful public comment on their proposed rules.”
“We also believe that regulators are not conducting rigorous analyses of the cost and benefits of their rules and the effects those rules could have on the economy,” the lawmakers say. “The potential harm to our already weak economy and the public from ill-conceived rules cannot be underestimated.”
Lawmakers also are asking that the regulators answer several questions, including:
Whether the regulators are providing at least 60 days of comment on all proposed rules and studies required by the law.
What kinds of steps the agencies are taking to ensure