The Bipartisan Policy Center is launching Financial Regulatory Reform Initiative to evaluate the effectiveness of the Dodd-Frank Act, writes American Banker's Barbara Rehm.

Martin Baily, chair the Council of Economic Advisors during the Clinton administration, and  Phil Swagel, assistant Treasury secretary for economic policy during the Bush administration are co-chairing the project. Aaron Klein, who Rehm described as "one of Dodd-Frank's architects,' will be running the project.

The review will be broken into five working groups to look at: systemic risk, failure resolution, capital markets, consumer protection, and regulatory architecture.

"Our sense is that after the election and after we've dealt with the fiscal cliff, there will be a time in 2013 when people can look with slightly cooler heads and say, 'We are not going to repeal Dodd-Frank, but there are some areas that need fine-tuning or maybe some not-so-fine-tuning, so let's take a look at those,'" says Baily.

For the full piece see "Bipartisan Group to Assess Dodd-Frank" (may require subscription).