WASHINGTON — Two wide-ranging regulatory proposals from Republican presidential candidate Mitt Romney, which so far have received scant attention, could put the brakes on implementation of the Dodd-Frank Act.
The proposals, taken together, would make it far harder for regulatory agencies to enact new regulations. The impact would be especially large with regard to the 2010 financial reform law, much of which has yet to take effect. Under Romney's plan, agencies would be required to eliminate existing regulations whenever they implement new ones. Congress would also have a much easier time blocking regulations that are proposed by the agencies.
Even if the courts eventually struck down Romney's proposals — the policies would likely spark legal challenges — they could force delays at agencies such as the Federal Reserve Board, the Federal Deposit Insurance Corp. and the Consumer Financial Protection Bureau.
"I think it becomes another arrow in the industry's quiver," said Sidney Shapiro, a Wake Forest University law professor who is critical of Romney's proposals.
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