Dodd-Frank rule writers have packed agenda

Jeff MerkleyFinancial regulators who rushed to complete many Dodd-Frank rules by July 21 are now working internally on a new set of proposals, including the implementation of the Volcker Rule.

A provision in Dodd-Frank requires that the Financial Stability Oversight Council make recommendations to implement the Volcker Rule, according to The recommendations outline criteria on how the rule should identify and eliminate prohibited proprietary trading activities by financial firms.

The law requires the rule to be carried out by Oct. 18, however, financial experts predict that the complexity of controlling banks trading for their own benefits could cost billions of dollars in annual revenue.

"The rule must be written right,” Julie Edwards, a spokeswoman for Sen. Jeff Merkley (D-Ore.), said, according to “If a small delay will help that process, it is acceptable. The important thing is that we have a strong rule that provides stability and certainty to Main Street."

Regulators will also be working on Dodd-Frank’s risk-retention requirements, which seek to fix serious flaws in securitization that were exposed during the financial crisis.

The FSOC has also announced its intentions to re-propose its rule and issue additional guidance on the regulation and supervision of certain non-bank financial institutions, according to

Other priority rules for financial regulators include addressing a consumer’s ability-to-repay mortgages and a proposal from the Securities and Exchange Commission that would require the registration of thousands of bankers and their banks as municipal advisors.

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