The House Financial Services Committee aims to “identify and remedy” any unintended consequences of the Dodd-Frank regulatory overhaul, with a focus on rules governing proprietary trading and derivatives, according to a draft of the panel’s strategic plan.
The 20-page document, circulated to committee members and staff for comment by Chairman Spencer Bachus of Alabama, says that the panel will focus this year on overseeing implementation of Dodd-Frank’s new rules for Wall Street. ...
“The committee will assess the results of the implementation of the Dodd-Frank Act to improve those parts of the act that work well while changing those parts that do not,” according to the proposal. The panel will “identify and remedy unintended consequences.”
I'm dubious that any major revisions to Dodd-Frank are feasible, what with the Democrats still controlling the Senate and Obama in the White House. Congressional pressure and aggressive use of the budget as a constraint, however, could blunt some of the worst regulatory excesses.
