The federal financial agencies considered but did not fully quantify the benefits and costs of 54 substantive rules implemented between July 21, 2011, and July 23, 2012, under the Dodd-Frank Act, according to a new Government Accountability Office report.
While some regulators identified the costs of the approach they used in writing the rules, they didn't compare them to the alternative approaches they could have taken, the GAO said.
The report also found that the agencies informally coordinated on 19 of the 54 rules the GAO reviewed, but did not eliminate the differences between related rules.
The GAO reiterated its 2011 recommendation that the agencies measure costs under Office of Management and Budget guidance, and the Financial Stability Oversight Council establish formal policies for coordination.
Read the report.