According to Federal Reserve Board Chairman Ben Bernanke, several critical rules under the Dodd-Frank Act will be released in the upcoming months.
"Most of the rules, even if they haven't been completed, are now very far in advance," Bernanke told reporters Wednesday at a press conference following a two-day Federal Open Market Committee meeting. "These are all things that will be coming relatively soon at least during the current year."
The regulatory reform law went into effect on July 21 2010, and as American Banker's Donna Borak writes, "regulators have yet to implement several key provisions, including the Volcker ban on proprietary trading, the definition of qualified residential mortgages and final Basel III capital and liquidity rules."
"I hope that 2013 will be the beginning of the end of the major portion of rulemakings implementing Dodd-Frank in strengthening capital rules," said Fed Gov. Daniel Tarullo at a Feb. 14 hearing before the Senate Banking Committee. "So it's my hope and my expectation that with respect to the Volcker Rule, the capital rules, Section 716, and many of the special credential requirements for systemically important firms, we will publish final rules this year."
For the full piece see "Pace of Dodd-Frank Implementation 'Rapidly' Increasing: Bernanke" (may require subscription).