Signs of the Regulatory Battle Royale
And you thought GLB was a fight.
To call the battle over financial services regulation “staggering” is to downplay its intensity.
There is new evidence that shows the degree to which the battle is raging. First, the Financial Stability Oversight Committee gets 1,500 comments to these questions:
How should regulators go about designating non-bank firms that are “systemically significant,” thus subjecting them to potentially more stringent oversight? And how should regulators implement the Volcker Rule, which seeks to prohibit firms from trading on their own accounts, a practice known as proprietary trading?
1,500 is a lot of comments.
But let’s put this request for comment in perspective. According to the federal government, there are now 5,340 notices, rule-changes, requests for comment, and the like related specifically to financial services. To my recollection, this is a greater amount than at any time over the last 10 years. And with the Consumer Financial Protection Bureau just getting started, I would expect this number of government actions to increase, perhaps exponentially.
Does the word “staggering” come to mind yet?
As a side note, check out what the City of Cambridge, Mass., just ratified.
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