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Benefits of regulatory coordination, cost-benefit analysis extolled in GAO report
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Derivatives, Dodd-Frank Basics
Wednesday, January 2, 2013
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Federal agencies working to implement provisions of the Dodd-Frank Act generally consider, but typically do not quantify or monetize the benefits associated with their rules, a Government Accountability Office survey determined. The GAO’s review of 54 regulations also found that while most agencies profess a desire to adhere to the spirit of certain non-mandatory guidelines intended to ensure comprehensive cost-benefit analysis, the rule makers often fail to follow key elements of this guidance in their regulatory analyses.
The report reiterated the GAO’s call for federal regulators to more fully incorporate guidance from the Office of Management and Budget into their rulemaking policies. The government’s watchdog agency also urged the Financial Stability Oversight Council to work with federal financial regulators to establish formal interagency coordination policies for rulemaking.
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