On July 14, the General Accountability Office issued a report setting forth reporting by 11 regulatory agencies on the fiscal resources they estimated to be available to implement regulatory reform under the Dodd-Frank Wall Street Reform Act. The report noted that the amount of new funding the agencies reported as associated with implementing Dodd-Frank varied significantly across the 11 agencies. “For example, new funding resources related to Dodd-Frank responsibilities during the years 2011–2012 ranged from a low of $0 for [the Federal Trade Commission] to a high of around $329 million for [the Consumer Financial Protection Bureau (CFPB)].” GAO also reported that funding resources to implement Dodd-Frank “accounted for at least 25 percent of the agency’s total budget increase at 9 of the 11 agencies in the most recent year for which data were available. Excluding the three agencies that the Dodd-Frank Act created (CFPB, [the Financial Stability Oversight Council], and [the Office of Financial Research]), the [Commodity Futures Trading Commission] devoted the highest share of total agency resources (25 percent) to implementing the Dodd-Frank provisions. Agencies reported that most of the costs related to implementing the provisions will be recurring.”
This post was originally published on the legacy ABA Section of Administrative Law and Regulatory Practice Notice and Comment blog, which merged with the Yale Journal on Regulation Notice and Comment blog in 2015.
On July 14, the General Accountability Office issued a report setting forth reporting by 11 regulatory agencies on the fiscal resources they estimated to be available to implement regulatory reform under the Dodd-Frank Wall Street Reform Act. The report noted that the amount of new funding the agencies reported as associated with implementing Dodd-Frank varied significantly across the 11 agencies. “For example, new funding resources related to Dodd-Frank responsibilities during the years 2011–2012 ranged from a low of $0 for [the Federal Trade Commission] to a high of around $329 million for [the Consumer Financial Protection Bureau (CFPB)].” GAO also reported that funding resources to implement Dodd-Frank “accounted for at least 25 percent of the agency’s total budget increase at 9 of the 11 agencies in the most recent year for which data were available. Excluding the three agencies that the Dodd-Frank Act created (CFPB, [the Financial Stability Oversight Council], and [the Office of Financial Research]), the [Commodity Futures Trading Commission] devoted the highest share of total agency resources (25 percent) to implementing the Dodd-Frank provisions. Agencies reported that most of the costs related to implementing the provisions will be recurring.”
This post was originally published on the legacy ABA Section of Administrative Law and Regulatory Practice Notice and Comment blog, which merged with the Yale Journal on Regulation Notice and Comment blog in 2015.