BOSTON, Nov. 29, 2016 /PRNewswire/ -- Even without legislative change, U.S. agencies can make meaningful reforms to the rules that govern the U.S. financial system. However, to do so legally they must follow a transparent process.
Today, the Committee on Capital Markets Regulation is releasing a nothing but the facts statement explaining the legal process for repealing and replacing existing regulations, as determined by the Administrative Procedure Act of 1946.
This process is highly important because for regulations, like the "Volcker Rule," there are often multiple versions that would be consistent with the Dodd-Frank Act requirements.
The Committee's statement also explains that U.S. agencies have substantial discretion in how they enforce existing regulations.
The statement also sets forth the legal process for reversing agency adjudications, including the designation of non-banks, such as AIG and Prudential Insurance Co., as systemically important financial institutions.
Finally, the statement describes how the Congressional Review Act can be used by Congress to repeal regulations that were finalized after May 2016.
The statement can be accessed here: Capmktsreg.org
And press inquiries may be directed to the Committee's Executive Director of Research, John Gulliver at: [email protected]
SOURCE Committee on Capital Markets Regulation