By Peter Schroeder
A GOP lawmaker is calling on financial regulators to put together a comprehensive roadmap of the slew of regulations they are putting together as a means of implementing the Dodd-Frank financial reform law.
In a letter sent to Treasury Secretary Timothy Geithner Wednesday, Rep. Scott Garrett (R-N.J.) painted a picture of numerous regulators proposing, finalizing and re-proposing a wide variety of rules at varying times, and argued it was stifling the economy.
"To put it gently, the piecemeal rulemaking process has perpetuated uncertainty, which is holding back economic growth," he wrote.
Constituents have told Garrett they are frustrated by the "haphazard" rulemaking process taken on by regulators; the lawmaker called on Geithner to put together a comprehensive top-to-bottom plan for how those rules will come together.
Garrett is targeting Geithner because he is the chairman of the new Financial Stability Oversight Council (FSOC). Also a product of Dodd-Frank, the FSOC gathers the nation's financial regulators into a single body and charges it with overseeing the financial system as a whole.
As part of that mission, Garrett said the FSOC must coordinate work between regulators so investors know what rules are coming when.
"Our financial regulators, coordinated by the FSOC, have an obligation to promote transparency in the market," he wrote. "They can start by producing a roadmap that details the implementation schedule for all the final rules under the Dodd-Frank Act."
Specifically, Garrett wants the FSOC to publish by mid-November a detailed timeline for when Dodd-Frank rules will be completed.
However, getting such a detailed blueprint could prove to be a tall order. Regulators have already failed to meet several deadlines laid out in Dodd-Frank, as they struggle with the increased workload under budgets that predate the reform law.