Last month, the ten Republican members of the Senate Banking Committee sent a letter to the Inspectors General (IGs) of the Commodity Futures Trading Commission (CFTC), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (Fed), the Office of the Comptroller of the Currency (OCC) and the Securities and Exchange Commission (SEC) asking each of them to conduct a review of the economic analysis performed by the regulatory agency under their supervision.

Republicans, along with those affected by the Dodd-Frank Act, have accused regulators of emphasizing speed over deliberation in writing new rules. Some IGs have supported this argument. For example, in April, the CFTC issued a report saying the agency rushed to meet arbitrary deadlines, and failed to sufficiently analyze the costs and benefits of new rules for swaps traders.

In response to the request from the Senate Banking Committee, a number of concerns were raised by the IGs’ report. As a result, Senate Banking Committee Ranking Member Richard Shelby (R-AL) indicated that Republican Banking Committee staff will “conduct in-depth briefings with each of the Inspectors General to discuss the methodologies and findings contained in their reports, as well as next-steps. We must continue to monitor and improve the amount and type of analysis that the financial regulators are conducting in implementing this far-reaching law.”

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For additional information, members can contact Jason Boehlert at 703-558-0660 or jboehlert@mfghome.org.