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Bloomberg: Geithner Said to Seek U.S. Bankers’ Dodd-Frank Objections

June 06, 2012, 07:30 AM
Filed Under: Regulatory News

Bloomberg reported Treasury Secretary Timothy F. Geithner has challenged bankers to give him specifics on their complaint that the Dodd-Frank Act is imposing costly, confusing and burdensome regulations on them, according to four people familiar with the matter.

According to the Bloomberg report, the Federal Advisory Council, which is comprised of a group of bank executives from each of the 12 Federal Reserve districts, complained to Geithner in May about overlapping and duplicative rules.  In response, Geithner urged the bankers to prepare a study with examples of regulatory burden, said the people, who are preparing the report.

Since implementation. bankers have complained that Dodd-Frank will negaitvely impact credit while slowing economic growth and job creation. The act imposes nearly 400 new rule-making requirements on regulators, of which 110 have been finalized and 144 have been proposed, according to a June 1 report from law firm Davis Polk & Wardwell LLP, which advises many of the world’s largest financial institutions according to the report.

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