The Dodd-Frank Act requires or authorizes various federal agencies to issue hundreds of rules to implement reforms intended to strengthen the financial services industry. As amended by Public Law No. 112-10, the act also mandates that the Government Accountability Office, or GAO, annually study financial services regulations. GAO has issued a report that examines:
- the regulatory analyses agencies conducted in their Dodd-Frank rulemakings;
- interagency coordination on such rulemakings and by CFPB in its supervision activities; and
- the possible impact of selected Dodd-Frank provisions and related rules and agency plans to assess Dodd-Frank Act rules retrospectively.
In the report GAO recommends that the Office of Management and Budget, or OMB, issue guidance to help standardize Congressional Review Act, or CRA, processes. OMB disagreed such guidance is needed, in part because GAO did not identify inconsistencies in major rule designations. GAO maintains that the identified process inconsistencies could lead to differing designations under CRA, and its recommendation helps ensure consistency in designating major rules.