Idea of the Week: The Legislative Battle is Over, the Regulatory Wars Begin
Jul 23, 2010
The new Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) was one of the most heavily lobbied bills in recent history. More than 2000 individual lobbyists were registered to lobby on this bill, and analysts claim the industry may have spent close to $200 million on this effort since President Obama’s inauguration. JP Morgan alone spent nearly $4 million in the first half of 2010.
Now the war moves to a new theater of operations: the federal regulatory agencies and executive branch departments that must implement the 2000-page Dodd-Frank Act. According to an analysis prepared by the Washington consulting firm, Canfield & Associates, Inc., the Dodd-Frank Act mandates nearly 500 rulemakings, studies and reports that must be undertaken by federal regulatory agencies, the Treasury Department and other executive branch agencies. Most of this activity must be completed in the next two years. Canfield & Associates, Inc. has prepared a Roadmap to Dodd-Frank: Rulemakings, Studies and Reports, which can be viewed here.