Scott, CCMR urge Senate and House committees to review pace of rulemaking under Dodd-Frank

In a Dec. 15 letter to the U.S. Senate Committee on Banking, Housing and Urban Affairs and the U.S. House of Representatives Financial Services Committee, the Committee on Capital Markets Regulation urged the Committees to hold oversight hearings on the implementation through rulemaking of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Citing the increase in the average annual rate of rulemaking by agencies such as the SEC pre- and post-Dodd-Frank, the authors stated their concern that “the current rulemaking process is sacrificing quality and fairness for apparent speed, risking lengthy court challenges and poor rules that will damage our financial system and hinder economic recovery.”

The letter was co-written by HLS Professor and CCMR Director Hal Scott and Committee co-chairs R. Glenn Hubbard and John L. Thornton.

For more information on the Committee on Capital Markets Regulation, visit the CCMR website.