Michael Barr, Treasury Assistant Secretary for Financial Institutions, outlined the path forward for implementing the Dodd-Frank Act on August 10, 2010.
Mr. Barr noted the agencies involved in implementing financial reform are in the process of establishing timelines for moving forward on the scores of studies, regulations, and other regulatory actions required by the Dodd-Frank Act. In some critical areas, the agencies are already drafting proposed rules for public comment.
Mr. Barr stated the Financial Stability Oversight Council will meet for the first time in September and will establish an integrated road map for the first stages of reform and put that in the public domain.
He discussed that Treasury is going to move quickly to begin shaping reforms of the derivatives market. In this process, Treasury will work with the Fed, the SEC and the CFTC to develop specific quantitative targets and timelines for moving the standardized part of the over-the-counter derivatives business onto central clearing houses.
The full text of Mr. Barr’s remarks are here.