Chamber of Commerce decries slow implementation, rule-writing of Dodd-Frank

David Hirschmann

The Chamber of Commerce, America’s biggest business lobby, recently announced that it has serious concerns regarding the slow implementation and rule-writing of the 2010 Dodd-Frank Act.

“At each stage of the Dodd-Frank Act implementation…business has been told, ‘Don’t worry, we will get this right,’” the Chamber said, according to the Hill. “Well, we are now down to implementation, and the rulemaking process and regulators have not ‘gotten it right.’ They continue to fight among themselves, propose conflicting approaches to common issues and otherwise make it impossible for honest market participants to know the rules of the road.”

Out of 17 different categories graded in the report card, all but two categories received a grade of “incomplete.”

“The things that really matter most to the broadest spectrum of companies are still pending,” David Hirschmann, the president and CEO of the Chamber’s Center for Capital Markets Competitiveness, said, the Hill reports. “We’re almost two years into the regulatory process, and we still don’t know.”

Delays in implementing Dodd-Frank rules have left some institutions and businesses wondering how and with what regulations they must comply. The Chamber said that the Dodd-Frank Act is “an incomplete bill passed in haste,” but the group has centered its efforts on the enforcement of regulators, according to the Hill.

Hirschmann said that the suggestions for improvement included on the report card are small changes that could really be accomplished by regulators instead of lawmakers.

“This is the year where even renaming post offices is not easy legislatively,” Hirschmann said, the Hill reports. “Of course our focus is primarily on the regulators.”

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