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Bernanke Speaks on Dodd-Frank Implementation

Lora Bentley

In testimony before the Senate Banking Committee Thursday, Federal Reserve Chairman Ben Bernanke said the Fed is "committed" to working with the country's other financial regulators to implement the most sweeping reform of the sector since the 1930s.

 

TheStreet.com reports the Dodd-Frank Wall Street Reform and Consumer Protection Act requires the Fed to "complete more than 50 rulemakings and sets of formal guidelines, and a number of studies and reports." More than 300 staffers are tasked with implementation projects.

 

MSNBC's coverage of the hearing indicated that Republicans are still pushing to delay or at least slow down implementation of the act.

 

Subcommittee chair Tim Johnson (D-S.D.), who replaced the retiring Christopher Dodd, made clear that though he will defend the "spirit and letter" of the act, its "global impact must be handled with great care."


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