In a letter to Treasury Secretary Tim Geithner, House Financial Services Committee Chair Spencer Bachus (R-Ala) asked for a status report on what is being done to lessen the negative impact Dodd-Frank's 400 new regulations will have on private sector job creators. The letter, signed by many other Committee members, queried if the Dodd-Frank regulations were being streamlined and simplified. Specifically, the Chairman asks what the Financial Stability Oversight Council, which Treasury chairs, is doing to identify and eliminate unnecessary or duplicative regulatory burdens. The Chairman asked Secretary Geithner to provide a status report by October 1, 2011 on FSOC's efforts to streamline and simplify the regulatory environment. As part of this report, Treasury must identify any regulations that were in place on August 2, 2010 that have subsequently been eliminated or modified to reduce regulatory burdens. The House oversight chair noted that Treasury has acknowledged that the Dodd-Frank Act created a very complicated regulatory structure with multiple agencies with closely related and sometimes overlapping missions and roles. Chairman Bachus emphasized that the FSOC must conduct a thorough analysis of the current regulatory structure and eliminate outdated or duplicative regulations and perform a rigorous cost-benefit analysis on every new Dodd-Frank regulation before it is finalized.
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