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Thursday, July 11, 2013

Miller: Dodd-Frank Rulemaking Nearing Substantial Completion

In prepared remarks for a Senate Banking Committee hearing today Under Secretary of the Treasury Mary Miller commented on Treasury's regulatory developments since earlier this year.

Miller focused on progresses of the Financial Stability Oversight Council, including: expansion of its supervisory umbrella to cover designated nonbank financial companies and money market mutual fund reform—making it clear that the SEC is the primary regulator and should take the lead in driving reforms.

Miller noted the top priorities for Secretary Lew and the Treasury Department include:
  • finalizing Section 619 of the Dodd-Frank Act, the Volcker Rule; 
  • implementing Section 941 of the Dodd-Frank Act, the risk-retention rule, and; 
  • engaging closely with U.S. and international regulators to strengthen abilities to address failing cross-border financial companies.
Miller believes Dodd-Frank rulemaking in nearing completion, stating “By the end of this year, we expect to approach the point of substantial completion of implementation of the Dodd-Frank Act.”

Read Miller’s prepared testimony.

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