The Dodd-Frank financial reform bill passed by the Senate yesterday promises to generate historic levels of red tape. But apparently the 2,300 pages are so complicated that a debate has broken out over precisely how many new regulatory rule-makings it will require, says the Wall Street Journal.
According to an analysis by the Davis Polk & Wardwell law firm:
- At least 243 new federal rule-makings are on the way, not to mention 67 one-time studies and another 22 new periodic reports.
- The attorneys were careful to note that this was a low-ball estimate, counting only new regulations mandated by the bill.
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