Republican Senators Ask for Review of Economic Analysis of Dodd-Frank Act

Ten Republican Senators from the U.S. Senate have submitted a letter to the Inspectors General of the Federal Reserve Board (FRB), Federal Deposit Insurance Corporation (FDIC), U.S. Department of the Treasury, the Securities & Exchange Commission (SEC), and Commodity Futures Trading Commission, asking them to “initiate a review of the economic analysis” performed by their agencies for several rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). “Our request arises from our concern that regulatory agencies are conducting rulemakings to implement Dodd-Frank without adequately considering the costs and benefits of their rules and the effects those rules could have on the economy,” the Senators wrote in the letter. The letter requests a response regarding 21 Dodd-Frank Act rules by June 13, 2011.