Federal government agencies encounter challenges in finalizing regulatory regimes

U.S. government agencies are encountering challenges as they seek to finalize the rules set forth by several different regulatory regimes.

U.S. government agencies are having some difficulty in finalizing the rules set forth by several different regulatory regimes.

Officials of these organizations have been working to finalize their interpretation of Basel III, and Dow Jones Newswires reports that they hope to figure out the rules that the nation will use either in June or July. Banks nationwide have been waiting to hear what the new regulations will entail since the previously timeline was eliminated late last year.

In addition to making robust efforts to finalize Basel III, government officials are also striving to set forth various provisions contained in The Dodd-Frank Act. This landmark reform created many different financial regulations that government agencies were tasked with implementing.

Gabriel Rosenberg, an attorney at New York-based law firm Davis Polk & Wardwell, told USA Today that the regulatory regime contains around 1,500 provisions and 398 requirements that government agencies design new rules.

Data provided by the law firm indicates that as of June 3, almost 63 percent of the deadlines for rules that have passed already did not coincide with the creation of the needed guidelines, the media outlet reports. Finalizing the new rules set forth in the Dodd-Frank Act "has been slower than we anticipated," Barney Frank, a key contributor to the landmark reform, has stated.

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