Timothy Geithhner, Secretary of State has promised to enforce federal
bureaucrats to make a 2,300 page regulatory reform bill into a financial rule.
Timothy Geithner was scheduled to give a speaking conference on Monday
regarding the financial regulatory at the New York University. In EDT time,
Timothy Geithner gave a statement regarding the regulatory reform bill. He
stated,”We will move as quickly as possible to bring clarity to the new rules
of finance,The rule writing process traditionally has moved at a frustrating,
glacial pace. We must change that.”
That quote comes from the middle of economic rebound that started last year.Wall Street expected the task of writing down rules last month under the Dodd-Frank Act. The Task of writing down the rules of the Dodd-Frank Act would take 12-15 months.
“Unclear policies and undefined regulations create uncertainty and instability that bollix long-term planning. Those responsible for enforcement of recently passed reforms need to focus with laser-like intensity on addressing the regulatory indigestion that has engulfed our economy.”
Despite efforts of writing down the rules at a faster pace, the process of
making the rules official will be more prolonged than expected.Against the
overhaul system, officials are promising to solicit public comments, even
without viewing all views.
The new regulations will take a prolonged time, but that’s only the new
regulations.Timothy Geithner also promises to reform the old Dodd-Frank Acts.
“We will not simply layer new rules on top of old, outdated ones. Everyone that is part of the financial system – the regulated and regulator – knows that we have accumulated layers of rules that can be overwhelming. So alongside our efforts to strengthen and improve protections for the economy, we will
eliminate rules that did not work. Wherever possible, we will streamline and
simplify.The reforms that are now the law of the land will help us rebuild a
pro-growth, pro-investment financial system.”said Timothy Geithner.
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