A report issued this week by the Government Accountability Office reviewed efforts by regulatory agencies to analyze and coordinate their Dodd-Frank Act mandated rulemaking. It found that, despite good intentions, improvement is needed when assessing costs and avoiding duplicative efforts.
“Most of the regulations have not been finalized to date, but there’s concerns among the industry that the impact of the rules, either individually or collectively could be too great,” says Nikki Clowers, a director in GAO’s Financial Markets and Community Investment Team, which oversaw the analysis. “There’s been a question about whether the benefits of the rules will outweigh the costs.”
