Rulemaking Requirements and Authorities in the Dodd-Frank Wall Street Reform and Consumer Protection Act

Rulemaking Requirements and Authorities in the Dodd-Frank Wall Street Reform and Consumer Protection Act

Rulemaking Requirements and Authorities in
the Dodd-Frank Wall Street Reform and
Consumer Protection Act
Curtis W. Copeland
Specialist in American National Government
November 3, 2010
Congressional Research Service
7-5700
www.crs.gov
R41472
CRS Report for Congress
P
repared for Members and Committees of Congress

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Summary
The Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203, July 21, 2010)
contains more than 300 provisions that expressly indicate in the text that rulemaking is required
or permitted. However, it is unclear how many rules will ultimately be issued pursuant to the act
because, among other things, (1) most of the provisions appear to be discretionary (e.g., stating
that an agency “may” issue a rule); (2) individual provisions may result in multiple rules; (3)
some provisions appear to provide rulemaking authorities to agencies that they already possess;
and (4) rules may be issued to implement provisions that do not specifically require or permit
rulemaking.
Nearly 80% of the relevant provisions in the Dodd-Frank Act assign rulemaking responsibilities
or authorities to four agencies: the Securities and Exchange Commission (SEC), the Board of
Governors of the Federal Reserve System, the Commodity Futures Trading Commission (CFTC),
and the Consumer Financial Protection Bureau. Many of the mandatory provisions specify the
details of the rules to be issued, but many of the discretionary provisions allow the agencies to
issue such rules “as may be necessary.” Most of the rulemaking provisions in the act do not
indicate how the regulations should be developed, but some either require or prohibit notice-and-
comment procedures before the final rule is issued.
Fewer than 40% of the rulemaking provisions in the Dodd-Frank Act indicate when the required
or permitted rule should be issued or go into effect. Of the provisions with deadlines, four require
rules to be issued within 90 days of enactment (i.e., by October 19, 2010), and five other
provisions require rules within 180 days (i.e., by January 17, 2011). As of October 20, 2010, 10
final rules had been published in the Federal Register implementing the act, including six by the
SEC and two by the CFTC.
Many of the government-wide rulemaking requirements (e.g., the Administrative Procedure Act)
appear to apply to rulemaking under the Dodd-Frank Act, but the exceptions and exemptions to
those requirements also apply. Other rulemaking requirements and controls (e.g., Executive Order
12866) are not applicable to the independent regulatory agencies like the SEC and the CFTC,
who are responsible for issuing most of the rules under the act. Also, some of the rulemaking
agencies do not receive congressionally appropriated funds, and therefore may not be subject to
appropriations restrictions that Congress has used to control rulemaking.
Nevertheless, Congress has a number of oversight tools available to affect the nature of Dodd-
Frank Act rulemaking, including confirmation hearings for nominees to head the agencies,
oversight hearings, and letters to and meetings with agency representatives. Appropriations
restrictions can be used with regard to agencies who receive appropriated funds. Congressional
Review Act resolutions of disapproval can call attention to certain rules.
This report will not be updated.

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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Contents
Introduction ................................................................................................................................ 1
This Report ........................................................................................................................... 2
Methodology................................................................................................................... 2
Number of Dodd-Frank Act Rules Is Unknowable....................................................................... 4
Some Rulemaking Authorities May Have Existed Previously ................................................ 4
Non-rulemaking Provisions May Result in Rules................................................................... 5
Various Agencies Are Required or Permitted to Issue Rules......................................................... 6
Rulemaking Agency Discretion ............................................................................................. 8
Methods of Rulemaking ........................................................................................................ 9
Additional Comment Opportunities and Transparency................................................... 11
Most Rulemaking Provisions Have No Deadlines...................................................................... 11
How Rulemaking Deadlines Are Established....................................................................... 12
Some Early Deadlines ......................................................................................................... 14
As Soon As Practicable ................................................................................................. 14
Within 90 Days ............................................................................................................. 15
Within 180 Days ........................................................................................................... 15
Within Six Months ........................................................................................................ 16
An “Obligation of Speed” ................................................................................................... 16
Ten Dodd-Frank Act Final Rules Have Been Published ....................................................... 17
Some Federal Rulemaking Requirements Are Not Applicable to Dodd-Frank Rules .................. 18
Many Rulemaking Requirements, and Exceptions, Apply to Dodd-Frank Act Rules ............ 19
Administrative Procedure Act........................................................................................ 20
Regulatory Flexibility Act ............................................................................................. 20
Some Rulemaking Requirements and Controls Are Not Applicable to Certain
Agencies .......................................................................................................................... 21
Executive Order 12866 ................................................................................................. 21
Paperwork Reduction Act.............................................................................................. 22
Unfunded Mandates Reform Act ................................................................................... 22
Appropriations Restrictions........................................................................................... 23
Congressional Oversight ........................................................................................................... 24
Options ............................................................................................................................... 25
Congressional Review Act .................................................................................................. 26

Tables
Table 1. Provisions in the Dodd-Frank Act That Expressly Reference Rulemaking, by
Agency .................................................................................................................................... 7
Table 2. Deadlines for Issuing Rules Pursuant to the Dodd-Frank Act ........................................ 12
Table A-1. Mandatory Rulemaking Provisions in the Dodd-Frank Act ....................................... 28
Table B-1. Discretionary Rulemaking Provisions in the Dodd-Frank Act ................................... 59

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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Appendixes
Appendix A. Mandatory Rulemaking Provisions ....................................................................... 28
Appendix B. Discretionary Rulemaking Provisions ................................................................... 59

Contacts
Author Contact Information ...................................................................................................... 88

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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Introduction
The Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203, July 21, 2010,
hereafter the Dodd-Frank Act) was enacted in the wake of what many believe was the worst U.S.
financial crisis since the Great Depression. Among other things, the act creates a new Financial
Stability Oversight Council with the authority to designate certain financial firms as “systemically
significant,” thereby subjecting them to increased regulation; consolidates consumer protection
responsibilities in a new Consumer Financial Protection Bureau (CFPB); consolidates bank
regulation by merging the Office of Thrift Supervision into the Office of the Comptroller of the
Currency; requires more derivatives to be cleared and traded through regulated exchanges; and
attempts to reduce the incentives to take excessive risks by reforming executive compensation
and securitization.1
Although the Dodd-Frank Act itself may change the financial sector landscape in some ways,
many of the changes are likely to be implemented through regulations that are to be developed
and issued by regulatory agencies. As one observer put it, the rules would “turn reform into
reality.”2 Shortly after the legislation was enacted, another observer said, “In most pieces of
legislation like this, the real teeth is in the regulations.”3 Another said that the Dodd-Frank Act “is
complicated and contains substantial ambiguities, many of which will not be resolved until
regulations are adopted.”4 An article in the New York Times stated that the legislation
is basically a 2,000-page missive to federal agencies, instructing regulators to address
subjects ranging from derivatives trading to document retention. But it is notably short on
specifics, giving regulators significant power to determine its impact—and giving partisans
on both sides a second chance to influence the outcome.5
More than two months after the Dodd-Frank Act was enacted, Jeremy J. Siegel, a professor at the
University of Pennsylvania’s Wharton School, said the following:
The vast majority of regulations required by the law are yet to be written. If they become
burdensome, they will make our financial sector less competitive. If not, they can contribute
to growth and stability. The devil of this law is not only in the details, but also in the
regulators who enforce them.6

1 For more information on the Dodd-Frank Act, see CRS Report R41350, The Dodd-Frank Wall Street Reform and
Consumer Protection Act: Issues and Summary, coordinated by Baird Webel. For more information on the CFPB, see
CRS Report R41338, The Dodd-Frank Wall Street Reform and Consumer Protection Act: Title X, The Consumer
Financial Protection Bureau, by David H. Carpenter.
2 Gretchen Morgenson, “After U.S. Financial Reform Bill, the Hard Work Begins,” International Herald Tribune,
August 30, 2010, p. 17.
3 Lorraine Mirabella, “Lawyers Await Regulations to Spring from Financial Reform,” McClatchy-Tribune Business
News, July 27, 2010, quoting Cindy Allner, a principal with Miles & Stockbridge in Baltimore.
4 “The Uncertainty Principle: Dodd-Frank Will Require at Least 243 New Federal Rule-makings,” Wall Street Journal,
July 14, 2010, available at http://online.wsj.com/article/SB10001424052748704288204575363162664835780.html.
5 Binyamin Appelbaum, “On Finance Bill, Lobbying Shifts to Regulations,” New York Times, June 27, 2010, p. A1.
6 Jeremy L. Siegel, “For Good and Bad, Financial Overhaul Law to Affect Many,” Washington Post, October 3, 2010,
p. G3.
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Although it is clear that rulemaking will be important to the implementation of the Dodd-Frank
Act, the number and nature of the rules that will be issued is less clear—in part because it is
difficult to determine which provisions to include as “rulemaking” provisions, and whether those
provisions will ultimately result in rules. The law firm of Davis Polk & Wardwell has estimated
that the law will require at least 243 rules to be issued by 10 different federal agencies.7 Others,
like the U.S. Chamber of Commerce, have put the number of rules to be issued even higher.8
This Report
In a previous report, CRS identified several dozen provisions in Title X and Title XIV of the
Dodd-Frank Act that require or permit the CFPB (either individually or with other agencies) to
issue rules.9 This report takes a broader view, and identifies provisions in the act as a whole that
either require or permit rulemaking by any federal agency, including the Board of Governors of
the Federal Reserve System (hereafter, the Board of Governors), the Securities and Exchange
Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the CFPB. The
list of mandatory rulemaking provisions identified in the act is provided in Appendix A of this
report, and the list of discretionary rulemaking provisions is provided in Appendix B. Most of
these provisions amended statutes that were first enacted decades earlier (e.g., the Securities and
Exchange Act of 1934, the Commodity Exchange Act, the Investment Advisers Act of 1940, and
the Truth in Lending Act). As used in this report, the term “rulemaking” includes all agency
actions that may result in rules, including any amendments to existing regulations and rules that
are issued without notice and comment. The section numbers referred to in this report and the
appendices refer to sections in the Dodd-Frank Act, not to the underlying statutes that are often
amended by the act.
Methodology
To develop the lists of rulemaking provisions in the Dodd-Frank Act, CRS searched the text of
the act in the enrolled version of H.R. 4173 as passed by the House of Representatives and the
Senate (since the text of the public law was not then available) using the words “regulation” and
“rule.” Mandatory rulemaking was indicated by such phrases as “shall establish, by regulation,”
“shall promulgate regulations,” “shall issue regulations,” “shall issue final rules,” “shall prescribe
regulations,” and “shall amend regulations.” Phrases such as “may prescribe regulations,” “may
issue regulations,” “may, by rule or regulation,” and “shall prescribe such regulations as are
necessary” were treated as discretionary rulemaking provisions. Certain other phrases were also
considered to be discretionary rulemaking authority. For example, Section 165(g)(3) states that
the term “short-term debt” means “such liabilities with short-dated maturity that the Board of
Governors identifies, by regulation.” Because the act appears to authorize, but not require, the
issuance of rules on this point, the provision was treated as a discretionary rulemaking provision.

7 See http://www.davispolk.com/files/Publication/7084f9fe-6580-413b-b870-b7c025ed2ecf/Presentation/
PublicationAttachment/1d4495c7-0be0-4e9a-ba77-f786fb90464a/070910_Financial_Reform_Summary.pdf.
8 The Chamber of Commerce’s Center for Capital Markets Competitiveness said that the Dodd-Frank Act “will lead to
520 rulemakings.” See Thomas Quaadman, “Dodd-Frank: Governance Issues Galore and Not Limited to Financial
Institutions, The Metropolitan Corporate Counsel, August 2010, p. 18, available at http://www.metrocorpcounsel.com/
current.php?artType=view&artMonth=August&artYear=2010&EntryNo=11258.
9 CRS Report R41380, The Dodd-Frank Wall Street Reform and Consumer Protection Act: Regulations to be Issued by
the Consumer Financial Protection Bureau, by Curtis W. Copeland.
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The lists of regulatory provisions do not include provisions that limit (rather than require or
allow) agency rulemaking activity. For example, the mandatory rulemaking list does not include
Section 153(c)(1) of the act, which states that the Office of Financial Research within the
Financial Stability Oversight Council “shall issue rules, regulations, and orders only to the extent
necessary to carry out the purposes and duties prescribed in (previous paragraphs).” Also not
included are provisions that require the implementation, rather than the promulgation, of rules
(e.g., Section 153(c)(2) of the act, which requires member agencies to implement certain rules).
Neither do the lists include provisions that require or allow entities to establish internal rules of
procedure. For example, not included is Section 210(A)(16)(d)(i), which states that “The [Federal
Deposit Insurance] Corporation shall prescribe such regulations and establish such retention
schedules as are necessary to maintain the documents and records of the Corporation generated in
exercising the authorities of this title.”
Also, if one rulemaking requirement was clearly a subset of another requirement, only the larger
requirement was included. For example:
• Section 165(e)(1) requires the Board of Governors of the Federal Reserve System
to issue regulations limiting the risks that “the failure of any individual company
could pose to a nonbank financial company supervised by the Board.” The next
paragraph states that “The regulations prescribed by the Board of Governors
under paragraph (1) shall” contain certain prohibitions. In this case, the second
set of requirements appears to be a subset of the first, and therefore was not
included in the list of mandatory rulemaking provisions.
• Section 619 amends the Bank Holding Company Act of 1956 (12 U.S.C. § 1841
et seq.), and subsection (b)(2) of those amendments requires various agencies to
“adopt rules to carry out this section.” Later in Section 619, the act requires “the
appropriate Federal banking agencies,” the CFTC, and the SEC to “issue
regulations to implement subparagraph (A) (limitation on certain transactions or
activities being deemed a permitted activity), as part of the regulations issued
under subsection (b)(2).” As a result of this construction, this and several other
rulemaking requirements in Section 619 were considered to be part of the rules
required under subsection (b)(2).
If it was unclear whether one provision was a subset of another, or if a provision could result in
the issuance of two or more sets of regulations, the provisions were counted separately. For
example:
• Section 210(c) of the act (“Provisions Relating to Contracts Entered Into Before
Appointment of Receiver”) contains several provisions permitting the Federal
Deposit Insurance Corporation (FDIC) to issue regulations on a variety of
subjects. Although FDIC may ultimately issue one regulation covering all of the
provisions, there is no requirement that the agency do so. Therefore, the
provisions were treated separately in this report.
• Section 358(2) states that “the Comptroller of the Currency shall prescribe
regulations applicable to savings associations and the Board of Governors shall
prescribe regulations applicable to insured State member banks, bank holding
companies and savings and loan holding companies.” Because each organization
may issue separate regulations to satisfy this requirement, it was treated as two
rulemaking provisions.
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Number of Dodd-Frank Act Rules Is Unknowable
CRS searches of the Dodd-Frank Act identified a total of 330 provisions that expressly indicated
in the text that rulemaking is required or permitted. For a variety of reasons, however, the number
of final rules that will be ultimately issued pursuant to the act is unknowable. First of all, 182 of
the 330 rulemaking provisions (55.2%) appear to be discretionary in nature, stating that certain
agencies “may” issue rules to implement particular provisions, or that the agencies shall issue
such rules as they “determine are necessary and appropriate.” Therefore, the agencies may decide
to promulgate rules regarding all, some, or none of these provisions.
Also, as indicated previously, an agency may issue one rule that covers multiple rulemaking
requirements, or may decide to issue more than one rule under a single requirement. For example,
Section 922(a) of the Dodd Frank Act (amending the Securities Exchange Act of 1934 (15 U.S.C.
§ 78a et seq.)) states that “the term ‘whistleblower’ means any individual who
provides…information relating to a violation of the securities laws to the (Securities and
Exchange) Commission, in a manner established, by rule or regulation, by the Commission.”
Another provision states that awards are to be paid to whistleblowers “under regulations
prescribed by the Commission.” The SEC is also given the authority to issue “such rules and
regulations as may be necessary or appropriate to implement the provisions of this section
consistent with the purposes of this section.” The agency may issue one rule covering all of these
provisions, or may issue separate rules under each rulemaking authority.10
A number of Dodd-Frank Act provisions state that the responsible agency shall or may establish
certain requirements “by rule, regulation, or order.”11 Therefore, the agencies may take action
pursuant to those provisions by issuing rules or regulations, or by issuing orders that are not
promulgated through the rulemaking process.
Some individual provisions appear to contemplate that multiple agencies will issue multiple rules,
but even there, the eventual outcome is not clear. For example, Section 165(i)(2)(C) of the act
requires “each Federal primary financial regulatory agency” to issue “consistent and comparable
regulations to implement this paragraph.” While each agency may issue separate rules after
ensuring that they are “consistent” and “comparable,” the agencies may also decide to accomplish
that goal by issuing a single joint rule.
Some Rulemaking Authorities May Have Existed Previously
Some sections of the Dodd-Frank Act provide financial regulatory agencies with new statutory
authority to issue rules.12 Other sections, however, arguably provide rulemaking authority that the
designated agency already possessed. For example, Section 411 of the act amended the

10 On September 21, 2010, the SEC issued a final rule rescinding the rules that had been issued to administer a program
under the statutory provision that was removed by Section 922. See U.S. Securities and Exchange Commission,
“Rescission of Rules Pertaining to the Payment of Bounties for Information Leading to the Recovery of Civil Penalties
for Insider Trading,” 75 Federal Register 57384, September 21, 2010.
11 See, for example, Section 618(d)(1), Section 737(a)(4), and Section 805(a)(1) in Appendix A of this report. Similar
constructions include “by rule or order” and “by regulation and order.”
12 For example, Title VII of the Dodd-Frank Act establishes a regulatory structure for derivatives that had not
previously existed, and that title contains numerous provisions requiring or authorizing the issuance of rules.
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Investment Advisers Act of 1940 (15 U.S.C. § 80b-1 et seq.) and states that a registered
investment advisor “shall take such steps to safeguard client assets over which such advisor has
custody…as the Commission may, by rule, prescribe.” The SEC appears to have had this
authority before the Dodd-Frank Act was enacted. Because the agency’s rulemaking authority in
this area has not changed, the SEC may decide not to issue any new rules. On the other hand, the
agency may decide to issue new rules in the context of the reforms enacted through the Dodd-
Frank Act that are the same as, or similar to, rules that the agency would have issued even if the
Dodd-Frank Act had not been enacted.
Other provisions in the Dodd-Frank Act appear to transfer rulemaking authority from one agency
(or set of agencies) to another agency. For example, one provision in Section 1088(a) of the act
amends Section 604(g) of the Fair Credit Reporting Act (at 15 U.S.C. § 1681b(g)) to say that 15
U.S.C. § 1681a(d)(3) must not be construed so as to treat information or any communication of
information as a consumer report if the information or communication is disclosed in a manner
“determined to be necessary and appropriate, by regulation or order, by the [Consumer Financial
Protection] Bureau or the applicable State insurance authority (with respect to any person
engaged in providing insurance or annuities).” Prior to this amendment, that authority had been
given to the “[Federal Trade] Commission, any Federal banking agency or the National Credit
Union Administration (with respect to any financial institution subject to the jurisdiction of such
agency or Administration under paragraph (1), (2), or (3) of section 1681s(b) of this title, or the
applicable State insurance authority (with respect to any person engaged in providing insurance
or annuities).”
Non-rulemaking Provisions May Result in Rules
In addition to the provisions in the Dodd-Frank Act that explicitly require or permit rulemaking,
there are numerous other provisions in the act that may ultimately lead to regulations. For
example, Section 120 of the act states that the Financial Stability Oversight Council “may provide
for more stringent regulation of a financial activity by issuing recommendations to the primary
financial regulatory agencies to apply new or heightened standards and safeguards.” The primary
regulatory agencies are required to “impose the standards recommended by the Council” or
“explain in writing to the Council, not later than 90 days after the date on which the Council
issues the recommendation, why the agency has determined not to follow the recommendation of
the Council.” If those “new or heightened standards and safeguards” are intended to be binding
on regulated entities, then it is possible that the Council’s recommendations could lead to new
regulations.13
Other provisions in the Dodd Frank Act also require regulatory agencies to take certain actions,
but do not specifically mention “regulations” or “rules.” For example, Section 732 of the act
amended Section 4d of the Commodity Exchange Act (7 U.S.C. § 6d), and states that the CFTC

13 Many reviewing courts and scholars divide agency-issued documents into two categories: (1) “legislative rules,”
which are required to conform to the notice-and-comment requirements in Section 553 of the Administrative Procedure
Act (5 U.S.C. § 551 et seq.), and therefore, have the full force and effect of law; and (2) so-called “nonlegislative
rules,” which are exempt from the requirements of Section 553 and not legally binding. Judicial inquiry in this area,
however, is extremely fact intensive and is done on a case-by-case basis with emphasis placed on the specific terms
used in the document at issue. For a summary of these cases, see Jeffrey S. Lubbers, A Guide to Federal Agency
Rulemaking, 4th edition (Chicago: American Bar Association, 2006), pp. 73-105.
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shall require that futures commission merchants and introducing brokers implement conflict-
of-interest systems and procedures that (1) establish structural and institutional safeguards to
ensure that the activities of any person within the firm relating to research or analysis of the
price or market for any commodity are separated by appropriate informational partitions
within the firm from the review, pressure, or oversight of persons whose involvement in
trading or clearing activities might potentially bias the judgment or supervision of the
persons; and (2) address such other issues as the Commission determines to be appropriate.
It is possible that many of these kinds of provisions will, either by the agencies’ choice or by legal
necessity, be implemented through the rulemaking process. This has been the case in the
implementation of other statutes. For example, of the first 10 final rules that were issued pursuant
to the health care reforms in the Patient Protection and Affordable Care Act (P.L. 111-148), only
three were specifically required or permitted in the legislation.14
Various Agencies Are Required or Permitted to
Issue Rules
As Table 1 below indicates, nearly 80% of the relevant provisions in the Dodd-Frank Act (258 of
330) assign rulemaking authorities or responsibilities to four agencies: the SEC, the Board of
Governors, the CFTC, and the CFPB. In addition to the rules they may promulgate independently,
these four agencies are also required or permitted to issue rules with one or more other agencies.
For example, of the 25 provisions that give rulemaking responsibilities to three or more agencies,
at least seven of them specifically involve the Board of Governors and the CFPB.15

14 CRS Report R41346, PPACA Regulations Issued During the First Four Months of the Act’s Implementation, by
Curtis W. Copeland.
15 Others listed in these seven provisions are the Comptroller of the Currency, the FDIC, the National Credit Union
Administration Board, and the Federal Housing Finance Agency. Other multiple agency provisions are to be
implemented by “the appropriate federal regulators” and “each federal primary financial regulatory agency,” so they
may also include these agencies.
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Table 1. Provisions in the Dodd-Frank Act That
Expressly Reference Rulemaking, by Agency
Discretionary
Agency or Agencies
Mandatory Provisions
Provisions Total
SEC 46
51
97
Board of Governors
25
42
67
CFTC 21
31
52
CFPB 17
25
42
FDIC 7
8
15
Other individual agencies
4
10
14
Two agencies
8
10
18
Three or more agencies
20
5
25
Total
148 182 330
Source: CRS.
Note: The “other individual agencies” include the Secretary of the Treasury, the Federal Trade Commission,
and the Comptroller of the Currency. The “two agencies” provisions include rules to be issued by the CFTC and
the SEC, and by the FDIC and the Board of Governors. Provisions requiring rules to be issued by “al primary
financial regulatory agencies,” “each federal primary financial regulatory agency,” “the appropriate federal banking
agencies,” or “the prudential regulators” were treated as issued by three or more agencies. Other “three or
more agencies” provisions listed the agencies required or permitted to issue rules (e.g., “Board of Governors of
the Federal Reserve System, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the
National Credit Union Administration Board, the Federal Housing Finance Agency, and the Bureau of Consumer
Financial Protection”).
Some of the Dodd-Frank Act rulemaking provisions require multiple agencies to issue certain
rules jointly, other provisions require multiple agencies to issue rules separately, and some
provisions involve a mix of these approaches. For example, Section 619 of the act (amending the
Bank Holding Company Act of 1956 (12 U.S.C. § 1841 et seq.)) requires that certain rules be
issued jointly by the “appropriate Federal banking agencies,” while other rules required under this
section are to be issued individually by the Board of Governors, the Commodity Futures Trading
Commission, and the Securities and Exchange Commission. Section 623(a) of the act assigns
rulemaking responsibilities to the Office of Thrift Supervision before the date that certain
responsibilities are to be transferred to the CFPB, and to the Comptroller of the Currency after
that date.16 Section 1088(a) permits certain rules to be issued by the CFPB “or the applicable
State insurance authority.”
Several Dodd-Frank Act provisions require that rules be issued by one agency, in consultation
with another agency. For example:
• Section 166(a) requires the Board of Governors to prescribe certain regulations,
in consultation with the Financial Stability Oversight Council and the FDIC.

16 The same requirement appears in Sections 623(b) and 623(c) of the act, with the three provisions amending three
different underlying statutes. The three sections were all treated as one rulemaking requirement in this report. The
Secretary of the Treasury has announced that the transfer date will be July 21, 2011 (the one-year anniversary of the
Dodd-Frank Act). See Bureau of Consumer Financial Protection, “Designated Transfer Date,” 75 Federal Register
57252, September 20, 2010.
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• Section 205(h) requires the SEC and the FDIC to issue certain rules after
consulting with the Securities Investor Protection Corporation.
• Section 210(o)(6)(A) requires the FDIC to consult with the Secretary of the
Treasury before issuing certain rules.
• Section 1024(a)(2) requires the CFPB to consult with the FTC before issuing
certain rules.
• Section 1094(3)(B) (amending the Home Mortgage Disclosure Act of 1975 (12
U.S.C. § 2801 et seq.)) requires the CFPB to issue certain rules after consulting
with “appropriate banking agencies,” the FDIC, the National Credit Union
Administration Board, and the Secretary of Housing and Urban Development.
Because these provisions only require the rulemaking agency to consult with other parties, they
were each counted in this report as requiring the issuance of rules by a single agency. However,
the agencies may ultimately decide to issue these rules jointly with the consulted agency.
Other provisions appear to establish a stricter standard, and require the “concurrence” or
“approval” of at least one other agency before a rule can be issued. For example, Section 152(g)
requires the Secretary of the Treasury to obtain the concurrence of the Office of Government
Ethics before issuing certain conflict-of-interest regulations. Also, Section 155(d) requires the
Secretary of the Treasury to receive the approval of the Financial Stability Oversight Council
before issuing certain rules. Each of these provisions was counted in this report as requiring the
issuance of rules by two agencies. However, the agencies may ultimately decide not to issue these
rules jointly.
Rulemaking Agency Discretion
In many of the mandatory rulemaking provisions, the Dodd-Frank Act specifies the details of the
required regulations. For example, Section 165(e)(1) of the act requires the Board of Governors to
prescribe standards in regulation limiting the risks that the failure of any individual company
could pose to a nonbank financial company supervised by the Board. Subsection (e)(2) requires
that the regulation
shall prohibit each nonbank financial company supervised by the Board of Governors and
bank holding company described in subsection (a) from having credit exposure to any
unaffiliated company that exceeds 25 percent of the capital stock and surplus (or such lower
amount as the Board of Governors may determine by regulation to be necessary to mitigate
risks to the financial stability of the United States) of the company.
The provision goes on to provide five categories of definition for the term “credit exposure,” as
well as “any other similar transactions that the Board of Governors, by regulation, determines to
be a credit exposure for purposes of this section.” Other provisions in the act are even more
detailed.
Many of the discretionary rulemaking provisions, on the other hand, give the rulemaking agencies
substantial leeway to decide not only whether to issue rules, but also the content of those rules.
For example:
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• Section 355 of the act (amending Section 106(b)(1) of the Bank Holding
Company Act Amendments of 1970 (12 U.S.C. § 1972(1))) states that Board of
Governors may “issue such regulations as are necessary to carry out this section.”
• Section 369(4) (amending the Home Owners’ Loan Act (12 U.S.C. § 1461 et
seq.)) states that the Comptroller of the Currency “may prescribe regulations with
respect to savings associations, as the Comptroller determines to be appropriate
to carry out the purposes of this Act.”
• Section 1093(3)(A) (amending Title V of the Gramm-Leach-Bliley Act (15
U.S.C. § 6801 et seq.)) states that the CFTC “shall have authority to prescribe
such regulations as may be necessary to carry out the purposes of this subtitle
with respect to financial institutions and other persons subject to the jurisdiction
of the Commodity Futures Trading Commission under section 5g of the
Commodity Exchange Act.”
These kinds of broad delegations of rulemaking authority to the agencies may be chosen because
of the technical expertise needed to craft detailed legislation, or because Congress cannot reach
consensus on how particular issues should be resolved. Nevertheless, when Congress permits
agencies to prescribe “such regulations as are necessary,” it grants substantial policymaking
discretion to rulemaking agencies. On the other hand, when Congress requires that a regulation
contain certain elements, Congress retains a measure of control over (and responsibility for) the
subsequent policymaking process.
Methods of Rulemaking
Most federal rulemaking is governed by the Administrative Procedure Act (5 U.S.C. § 551 et
seq.), which generally requires that agencies (1) publish a notice of proposed rulemaking
(NPRM) in the Federal Register, (2) take comments from “interested persons” on the proposed
rule, (3) publish a final rule in the Federal Register after considering those comments, and (4)
make the rule effective not less than 30 days after it is published. There are, however, numerous
exceptions to these general requirements. For example, an agency may dispense with notice and
comment and issue a final rule without a prior proposed rule when the agency concludes that
there is “good cause” to do so.17 A procedure known as “interim final rulemaking” is a particular
application of this “good cause” exception in which an agency issues a final rule without an
NPRM that is often effective immediately, but with a post-promulgation opportunity for the
public to comment.18
Most of the rulemaking provisions in the Dodd-Frank Act do not specify the method by which the
agencies should issue the required or permitted rules. In a few cases, however, the act stipulates
that the agencies issue rules through notice-and-comment rulemaking processes. For example:

17 5 U.S.C. §553(b)(3)(B). The agency must conclude that notice and comment is “impracticable, unnecessary, or
contrary to the public interest,” and must incorporate the finding and a brief explanation in the rule being issued.
18 Interim final rulemaking has been used for some time, and has been recommended by the Administrative Conference
of the United States for noncontroversial and expedited rulemaking. To view this recommendation, see
http://www.law.fsu.edu/library/admin/acus/305954.html.
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• Section 332(1)(B) requires the FDIC to “prescribe, by regulation, after notice and
opportunity for comment, the method for the declaration, calculation,
distribution, and payment of dividends under this paragraph.”
• Section 413(b)(1)(B) permits the SEC to “make such adjustments to the
definition of the term ‘accredited investor’ ... as the Commission may deem
appropriate for the protection of investors, in the public interest, and in light of
the economy.” If the SEC does make those adjustments, it is required to use
“notice and comment rulemaking.”
• Section 982(e) states that the Public Company Accounting Oversight Board
“may, by rule, conduct and require a program of inspection in accordance with
paragraph (1), on a basis to be determined by the Board, of registered public
accounting firms that provide one or more audit reports for a broker or dealer.” It
goes on to say that “Any rules of the Board pursuant to this paragraph shall be
subject to prior approval by the Commission pursuant to section 107(b) before
the rules become effective, including an opportunity for public notice and
comment.”
• Section 1088(a)(4)(B) (amending the Fair Credit Reporting Act (15 U.S.C. §
1681 et seq.)) states that the CFPB “may, after notice and opportunity for
comment, prescribe regulations that permit transactions under paragraph (2) that
are determined to be necessary and appropriate to protect legitimate operational,
transactional, risk, consumer, and other needs.”
• Section 1473(d) (amending Section 1106 of the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989 (12 U.S.C. § 3335)) permits the
appraisal subcommittee to “prescribe regulations in accordance with [the
Administrative Procedure Act] after notice and opportunity for comment”
regarding certain issues.
Several other provisions, most of which require rules to be issued relatively quickly, require or
permit the agencies to issue interim final rules without prior notice and comment. For example:
• Section 729 (amending the Commodity Exchange Act after section 4q (7 U.S.C.
§ 60-1)) requires the CFTC to “promulgate an interim final rule… providing for
the reporting of each swap entered into before the date of enactment as
referenced in subparagraph (A).” The interim final rule is required by October
19, 2010, 90 days after the date of enactment.
• Section 766(a) (amending the Securities Exchange Act of 1934 (15 U.S.C. § 78a
et seq.)) requires the SEC to “promulgate an interim final rule… providing for
the reporting of each security-based swap entered into before the date of
enactment,” the terms of which had not expired as of that date. The interim final
rule is required by October 19, 2010, 90 days after the date of enactment.
• Section 1472(a) (amending Chapter 2 of the Truth in Lending Act (15 U.S.C. §
1631 et seq.)) requires the Board of Governors to “prescribe interim final
regulations defining with specificity acts or practices that violate appraisal
independence in the provision of mortgage lending services for a consumer credit
transaction secured by the principal dwelling of the consumer or mortgage
brokerage services for such a transaction and defining any terms in this section or
such regulations.” This rule is also required by October 19, 2010.
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One provision stipulates that notice and comment not be provided, but does not require interim
final rulemaking. Section 916(a) (amending Section 19(b) of the Securities Exchange Act of 1934
(15 U.S.C. § 78s(b))) requires the SEC to “promulgate rules setting forth the procedural
requirements of the proceedings required under this paragraph,” and says that the rules “are not
required to include republication of proposed rule changes or solicitation of public comment.”
Additional Comment Opportunities and Transparency
The agencies that are expected to issue most of the rules under the Dodd-Frank Act have
indicated that they will offer the public enhanced and expanded opportunities to track and
participate in the rulemaking process. For example, both the FDIC and the SEC said they will
allow the public to participate in the process before the rules are drafted, and will attempt to meet
with any interested parties who want to discuss pending rules.19 The FDIC said it will hold a
series of roundtable discussions with external parties on implementation issues, and the CFTC
and the SEC said they have created a series of e-mail inboxes, organized by topic, to facilitate
participation and commenting.20 The Federal Reserve reportedly plans to require all staff
members to keep track of all meetings with private sector representatives about the rules being
developed under the Dodd-Frank Act, and summaries of those meetings are to be placed on the
agency’s website. However, not all agencies intend to expand commenting and transparency. For
example, both the Office of the Comptroller of the Currency and the Office of Thrift Supervision
indicated that they plan no changes in their rulemaking practices.21
It appears that some individuals and organizations are using these new opportunities for public
participation. A study by the Sunlight Foundation reportedly showed that the CFTC had 192
meetings with outside groups from July 26, 2010, to October 4, 2010.22 The two most frequent
visitors were officials from the firms Morgan Stanley and Goldman Sachs, each of which met
with the agency 16 times during that period.
Most Rulemaking Provisions Have No Deadlines
In addition to specifying the content of rules and the methods by which they are to be
promulgated, Congress has also attempted to control and expedite agency rulemaking by
establishing deadlines for the issuance or implementation of rules. Although the Administrative
Conference of the United States has questioned the value of statutory rulemaking deadlines,23
Congress has continued to use them, and they are regularly cited in litigation in an effort to force
agencies to either initiate or complete regulatory actions.24

19 See “FDIC Announces Open Door Policy for Regulatory Reform Rulemaking,” available at http://www.fdic.gov/
news/news/press/2010/pr10187.html; and Mary L. Shapiro, “Moving Forward: The Next Phase in Financial Reform,”
available at http://www.sec.gov/news/speech/2010/spch072710mls.htm. See also, Edward Wyatt, “SEC Expands
Process for Public Comments on New Financial Rules,” New York Times, July 28, 2010, p. B8; and R. Christian Bruce,
“Changes in the Works for Rulewriting as Dodd-Frank Moves to Implementation,” BNA Daily Report for Executives,
July 30, 2010, p. EE-6.
20 Sewell Chan, “Regulators to Write New Financial Rules in the Open,” New York Times, August 14, 2010, p. B2.
21 Ibid.
22 Chris Frates, “Watchdog: Wall Streeters Fill CFTC’s Dance Card,” Politico, October 19, 2010, p. 15.
23 ACUS Recommendation 78-3, available at http://www.law.fsu.edu/library/admin/acus/305783.html.
24 For a summary of these cases, see Jeffrey S. Lubbers, A Guide to Federal Agency Rulemaking, 4th edition (Chicago:
(continued...)
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As shown in Table 2 below, 208 of the 330 rulemaking provisions in the Dodd-Frank Act
(63.0%) did not expressly provide a deadline for when the required or permitted rule should be
issued. As one might expect, a higher percentage of the discretionary rulemaking provisions had
no specified deadline (157 of 182, or 86.3%) than the mandatory provisions (51 of 148, or
34.0%).
Table 2. Deadlines for Issuing Rules Pursuant to the Dodd-Frank Act
Mandatory Rulemaking
Discretionary
Deadline
Provisions
Rulemaking Provisions
Total
No deadline
51
157
208
Less than 360 days after enactment
22
4
26
By 360 days of enactment (i.e., by
27 2
29
July 16, 2011)
Within one year of enactment (i.e.,
17 1
18
by July 21, 2011)
One to two years after enactment
15 16
31
(i.e., by July 21, 2012)
More than two years after
16 2
18
enactment (i.e., after July 21, 2012)
Total 148
182
330
Source: CRS.
Notes: The category “less than 360 days after enactment” includes provisions in which rules were required to
be issued “as soon as is practicable,” within 90 days, within 180 days, within six months, within 270 days, and
within nine months after the date of enactment. The “more than two years after enactment” category includes
al deadlines after July 21, 2012.
Although most of the Dodd-Frank Act provisions establishing rulemaking deadlines do not
provide consequences if those deadlines are not met, at least one provision appears to do so.
Section 210(c)(8)(H)(iii) of the act (entitled “Back-Up Rulemaking Authority”) states that if the
“primary financial regulatory agencies” do not jointly prescribe certain rules on records
maintenance within 24 months after the date of enactment (i.e., by July 21, 2012), the chairperson
of the Financial Stability Oversight Council (the Secretary of the Treasury, per Section
111(b)(1)(A)) is required to issue the rules.
How Rulemaking Deadlines Are Established
Most of the 122 rulemaking deadlines in the Dodd-Frank Act are keyed to the date that the
legislation was enacted (July 21, 2010). In most of these cases, the act requires the rule to be
issued within a specified period of time after that date. Therefore, agencies appear to be able to
satisfy these deadlines at any point prior to the specified date. For example, Section 924(a) states
that the SEC is to issue certain regulations “not later than 270 days after the date of enactment of
this Act,” or by April 17, 2011. The SEC could satisfy the requirement by issuing the regulations
on that date, or months earlier than that date.

(...continued)
American Bar Association, 2006), pp. 111-113.
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In a few cases, however, the act does not permit the required rule to be issued or made effective
before the deadline. For example:
• Section 155(d) of the act states that, “beginning 2 years after the date of
enactment,” the Secretary of the Treasury must establish certain requirements “by
regulation.” Therefore, it does not appear that the required rule can be made
effective before July 21, 2012.
• Section 1083(a) of the act (amending the Alternative Mortgage Transaction Parity
Act of 1982 (12 U.S.C. § 3801 et seq.)) states that a required rule to be issued by
the CFPB applies to transactions “after the designated transfer date.” The
“transfer date” is the date that certain functions are required to be transferred
from the existing prudential regulators to the CFPB, and has been established as
July 21, 2011 (the one-year anniversary of the date of enactment).25 Therefore, it
does not appear that the rule required by this section can take effect until at least
July 22, 2011.
Other deadlines are based not on the date of enactment, but on the act’s effective date (which
Section 4 of the Dodd-Frank Act says is July 22, 2010, unless otherwise specified). For example,
Section 168 of the act states that, except as otherwise specified in subtitles A or C, the Board of
Governors is required to issue final regulations in those subtitles “not later than 18 months after
the effective date of this Act.” Therefore, these rules are required to be issued by January 22,
2012.
As noted previously, other rulemaking deadlines are based on the transfer date. For example,
Section 1402(a) of the Dodd-Frank Act (amending Chapter 2 of the Truth in Lending Act (15
U.S.C. § 1631 et seq.)) requires that the Board of Governors
prescribe regulations requiring depository institutions to establish and maintain procedures
reasonably designed to assure and monitor the compliance of such depository institutions,
the subsidiaries of such institutions, and the employees of such institutions or subsidiaries
with the requirements of this section and the registration procedures established under
section 1507 of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.
Although this provision does not specify when the regulations are to be issued, Section 1400(c) of
the act requires that all mandatory Title XIV rules be issued within 18 months after the transfer
date, and be effective within 12 months after issuance. Because the transfer date is July 21, 2011,
these rules (and all other mandatory Title XIV rules) must be issued by January 21, 2013.
Several other provisions in the Dodd-Frank Act also require that all rules within a particular title
or subtitle must be promulgated or made effective by a certain date. For example:
• Section 168 states that, except as otherwise specified in subtitles A or C, the
Board of Governors is required to issue final regulations in those subtitles “not
later than 18 months after the effective date of this Act.” As noted previously, the
effective date of the act was July 22, 2010. Therefore, all final regulations under
subtitles A and C are required to be issued by January 22, 2012.

25 Bureau of Consumer Financial Protection, “Designated Transfer Date,” 75 Federal Register 57252, September 20,
2010.
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• Section 712(e) requires that all Title VII CFTC and SEC rules (other than those
issued jointly) be promulgated within 360 days after the date of enactment,
unless another provision states otherwise.
• Section 937 states that, unless otherwise specified, the SEC “shall issue final
regulations, as required by this subtitle and the amendments made by this subtitle
(subtitle C on ‘Improvements to the Regulation of Credit Rating Agencies’), not
later than 1 year after the date of enactment of this Act.”
The deadlines for several other rules required in the act are contingent upon other actions. For
example:
• Section 619 (amending the Bank Holding Company Act of 1956 (12 U.S.C. §
1841 et seq.)) states that the agencies responsible for issuing rules “shall consider
the findings of the study under paragraph (1) and adopt rules to carry out this
section.” The referenced study is required to be completed within six months of
enactment, and the rules are required within nine months of the completion of the
study. Therefore, the rules are required no later than 15 months after the date of
enactment (i.e., by October 21, 2011).
• Section 809(b)(3) states that the Board of Governors “may, upon an affirmative
vote of the [Financial Stability Oversight] Council, prescribe regulations under
this section that impose a recordkeeping or reporting requirement on designated
clearing entities or financial institutions engaged in designated activities that are
subject to standards that have been prescribed under section 805(a)(2).”
Therefore, the rules cannot be issued unless the Council gives its approval.
In a few cases, the deadlines appear to be flexible. For example, Section 626 of the act (amending
Home Owners’ Loan Act (12 U.S.C. § 1461 et seq.)) states that, under certain conditions, the
Board of Governors may require companies “to establish and conduct all or a portion of such
financial activities in or through an intermediate holding company, which shall be a savings and
loan holding company, established pursuant to regulations of the Board.” The provision goes on
to say that the regulations must be issued within 90 days of the transfer date, “or such longer
period as the Board may deem appropriate.”
Some Early Deadlines
Of the 122 provisions in the Dodd-Frank Act with a deadline, 73 (59.8%) fall on or before the
one-year anniversary date of the enactment of the legislation (i.e., by July 21, 2011). Some of the
earliest deadlines (those within the first six months after enactment) are discussed below.
As Soon As Practicable
Two provisions require that rules be issued “as soon as is practicable after the date of enactment.”
• Section1101(a)(6) of the act (amending Section 13 of the Federal Reserve Act
(12 U.S.C. § 343)) states that the Board of Governors “shall establish, by
regulation, in consultation with the Secretary of the Treasury, the policies and
procedures governing emergency lending under this paragraph.”
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• Section 1105(b)(1) states that the FDIC “shall establish, by regulation, and in
consultation with the Secretary, policies and procedures governing the issuance
of guarantees authorized by this section” (on “emergency financial
stabilization”).
Within 90 Days
Four provisions in the act require rules to be issued within 90 days of the date of enactment (i.e.,
by October 19, 2010):
• Section 729 (amending the Commodity Exchange Act (at 7 U.S.C. § 6o-1))
requires the CFTC to “promulgate an interim final rule…providing for the
reporting of each swap entered into before the date of enactment,” the terms of
which had not expired as of that date.26
• Section 766(a) (amending the Securities Exchange Act of 1934 (15 U.S.C. § 78a
et seq.)) requires the SEC to “promulgate an interim final rule… providing for
the reporting of each security-based swap entered into before the date of
enactment,” the terms of which had not expired as of that date.27
• Section 939B requires the SEC to “revise Regulation FD (17 C.F.R. 243.100) to
remove from such regulation the exemption for entities whose primary business
is the issuance of credit ratings (17 C.F.R. 243.100(b)(2)(iii)).”28
• Section 1472(a) of the Dodd-Frank Act (amending Chapter 2 of the Truth in
Lending Act (15 U.S.C. § 1631 et seq.)) requires the Board of Governors to
“prescribe interim final regulations defining with specificity acts or practices that
violate appraisal independence in the provision of mortgage lending services for
a consumer credit transaction secured by the principal dwelling of the consumer
or mortgage brokerage services for such a transaction and defining any terms in
this section or such regulations.”29
Within 180 Days
Five other Dodd-Frank Act provisions require that rules be issued within 180 days of enactment
(i.e., by January 17, 2011):
• Section 726(a) states that the CFTC, “in order to mitigate conflicts of
interest,…shall adopt rules which may include numerical limits on the control of,

26 As noted later in this report, this interim final rule has been issued. See U.S. Commodity Futures Trading
Commission, “Interim Final Rule for Reporting Pre-Enactment Swap Transactions,” 75 Federal Register 6380, October
14, 2010.
27 As noted later in this report, this interim final rule has been issued. See U.S. Securities and Exchange Commission,
“Reporting of Security-Based Swap Transaction Data,” 75 Federal Register 64643, October 20, 2010.
28 As noted later in this report, this interim final rule has been issued. See U.S. Securities and Exchange Commission,
“Removal from Regulation FD of the Exemption for Credit Rating Agencies,” 75 Federal Register 6150, October 4,
2010.
29 As noted later in this report, although this interim final rule had not been published in the Federal Register as of
October 20, 2010, the Board of Governors had published a version of the rule on the agency’s website and requested
comments. See http://www.federalreserve.gov/newsevents/press/bcreg/20101018a.htm.
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or the voting rights with respect to, any derivatives clearing organization that
clears swaps, or swap execution facility or board of trade designated as a contract
market that posts swaps or makes swaps available for trading, by a bank holding
company ... with total consolidated assets of $50,000,000,000 or more, a nonbank
financial company … supervised by the Board, an affiliate of such a bank
holding company or nonbank financial company, a swap dealer, major swap
participant, or associated person of a swap dealer or major swap participant.”
• Section 916(a) (amending Section 19(b) of the Securities Exchange Act of 1934
(15 U.S.C. § 78s(b))) states that the SEC (after consulting with other regulatory
agencies) “shall promulgate rules setting forth the procedural requirements of the
proceedings required under this paragraph.”
• Section 943 requires the SEC to “prescribe regulations on the use of
representations and warranties in the market for asset-backed securities.”
• Section 945 (amending Section 7 of the Securities Act of 1933 (15 U.S.C. § 77g))
states that the SEC “shall issue rules relating to the registration statement
required to be filed by any issuer of an asset-backed security (as that term is
defined in section 3(a)(77) of the Securities Exchange Act of 1934) that require
any issuer of an asset-backed security—(1) to perform a review of the assets
underlying the asset-backed security; and (2) to disclose the nature of the review
under paragraph (1).”
• Section 972 (amending the Securities Exchange Act of 1934 (15 U.S. C. § 78a et
seq.), creating a new Section 14B) states that the SEC “shall issue rules that
require an issuer to disclose in the annual proxy sent to investors the reasons why
the issuer has chosen—(1) the same person to serve as chairman of the board of
directors and chief executive officer (or in equivalent positions); or (2) different
individuals to serve as chairman of the board of directors and chief executive
officer (or in equivalent positions of the issuer).”
Within Six Months
Two provisions require rules to be issued within six months of enactment (i.e., by January 21,
2011):
• Section 619 (amending the Bank Holding Company Act of 1956 (12 U.S.C. §
1841 et seq.)) requires that the Board of Governors issue rules to implement
provisions on “conformance period for divestiture” and “extended transition for
illiquid funds.”
• Section 951 (amending the Securities Exchange Act of 1934 (15 U.S.C. § 78a et
seq.)) requires the SEC to issue rules regarding the disclosure of “agreements and
understandings” (in proxy or consent solicitation materials by those making those
solicitations) or “related to the compensation of executives where a corporation is
acquired through tender offer.”
An “Obligation of Speed”
Although some rules are not required to be issued until much later than these early deadlines, it is
possible that they could be issued more quickly. Secretary of the Treasury Timothy F. Geithner
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has indicated that federal financial agencies “have an obligation of speed” when it comes to
issuing rules under the Dodd-Frank Act, and said “We will move as quickly as possible to bring
clarity to the new rules of finance. The rule writing process traditionally has moved at a
frustrating, glacial pace. We must change that.”30 Others, however, have questioned how the rules
can be written quickly in light of the complexities of the legislation and the requirements for
public participation.31
Ten Dodd-Frank Act Final Rules Have Been Published
As of October 20, 2010, 10 final rules implementing provisions in the Dodd-Frank Act had been
published in the Federal Register:
• an August 13, 2010, FDIC final rule implementing Section 335 of the act, which
made permanent the standard maximum share insurance amount of $250,000;32
• a September 2, 2010, final rule issued by the National Credit Union
Administration implementing Section 335 of the act, which made permanent the
standard maximum share insurance amount of $250,000;33
• a September 8, 2010, SEC “interim final temporary rule” to implement changes
made by Section 975 of the act to Section 15B(a) of the Securities and Exchange
Act (which made it unlawful for municipal advisors to provide certain advice or
solicit municipal entities or certain other persons without registering with the
SEC);34
• a September 10, 2010, CFTC final rule implementing Section 742 of the act
regarding off-exchange transactions in foreign currency with members of the
retail public;35
• a September 21, 2010, SEC final rule implementing changes made by Section
989G of the act, which added a new Section 404(c) to the Sarbanes-Oxley Act of
2002;36
• a September 21, 2010, SEC final rule rescinding then-existing rules under a
statutory requirement that was rescinded by Section 922 of the act;37

30 Speech before New York University’s Stern School of Business, August 2, 2010, available at
http://www.treasury.gov/press/releases/tg808.htm.
31 Glenn Hubbard and Hal S. Scott, “Geithner’s Hollow ‘Speed’ Pledge to Business,” Wall Street Journal (Online),
August 4, 2010, available at http://online.wsj.com/article/SB10001424052748704017904575409461883624210.html.
32 U.S. Federal Deposit Insurance Corporation, “Deposit Insurance Regulations; Permanent Increase in Standard
Coverage Amount; Advertisement of Membership; International Banking; Foreign Banks,” 75 Federal Register 49363,
August 13, 2010.
33 U.S. National Credit Union Administration, “Display of Official Sign; Permanent Increase in Standard Maximum
Share Insurance Amount,” 75 Federal Register 53841, September 2, 2010.
34 U.S. Securities and Exchange Commission, “Temporary Registration of Municipal Advisors,” 75 Federal Register
54465, September 8, 2010.
35 U.S. Commodity Futures Trading Commission, “Regulation of Off-Exchange Retail Foreign Exchange Transactions
and Intermediaries,” 75 U.S. Commodity Futures Trading Commission, “Regulation of Off-Exchange Retail Foreign
Exchange Transactions and Intermediaries,” 75 Federal Register 55410, September 10, 2010.
36 U.S. Securities and Exchange Commission, “Internal Control Over Financial Reporting in Exchange Act Periodic
Reports of Non-Accelerated Filers,” 75 Federal Register 57385, September 21, 2010.
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• an October 4, 2010, SEC final rule implementing Section 939B of the act
removing the specific exemption for disclosures made to nationally recognized
statistical rating organizations and credit rating agencies for the purpose of
determining or monitoring credit ratings;38
• an October 12, 2010, SEC final rule implementing changes made by Section 916
of the act regarding new deadlines by which the SEC must act upon proposed
rule changes submitted by self-regulatory organizations;39
• an October 14, 2010, CFTC interim final rule implementing Section 729 of the
act for the reporting of swap transactions entered into before the date of
enactment whose terms had not expired;40 and
• an October 20, 2010, SEC “interim final temporary rule” implementing Section
766 of the act on reporting of security-based swaps entered into before July 21,
2010.41
Also, the Board of Governors posted on its website and requested comments on an interim final
rule implementing Section 1472(a) of the Dodd-Frank Act.42 As of October 20, 2010, however,
this rule had not been published in the Federal Register. Several other final rules that were
published in the Federal Register mentioned the Dodd-Frank Act, but did not implement its
provisions.43 Also, federal agencies have issued several proposed rules pursuant to the act.44
Some Federal Rulemaking Requirements Are Not
Applicable to Dodd-Frank Rules
During the past 65 years, Congress and various presidents have developed an elaborate set of
procedures and requirements to guide and oversee the federal rulemaking process. Statutory

(...continued)
37 U.S. Securities and Exchange Commission, “Rescission of Rules Pertaining to the Payment of Bounties for
Information Leading to the Recovery of Civil Penalties for Insider Trading,” 75 Federal Register 57384, September 21,
2010.
38 U.S. Securities and Exchange Commission, “Removal from Regulation FD of the Exemption for Credit Rating
Agencies,” 75 Federal Register 6150, October 4, 2010.
39 U.S. Securities and Exchange Commission, “Delegation of Authority to the Director of the Division of Trading and
Markets,” 75 Federal Register 62466, October 12, 2010.
40 U.S. Commodity Futures Trading Commission, “Interim Final Rule for Reporting Pre-Enactment Swap
Transactions,” 75 Federal Register 6380, October 14, 2010.
41 U.S. Securities and Exchange Commission, “Reporting of Security-Based Swap Transaction Data,” 75 Federal
Register 64643, October 20, 2010.
42 See http://www.federalreserve.gov/newsevents/press/bcreg/20101018a.htm.
43 See, for example, U.S. National Credit Union Administration, “Corporate Credit Unions,” 75 Federal Register
64786, October 20, 2010, in which the agency noted that certain sections of the Dodd-Frank Act would affect the rule
being issued, but those changes would be made in the future.
44 See, for example, U.S. Securities and Exchange Commission, “Disclosure for Asset-Backed Securities Required by
Section 943 of the Dodd-Frank Wall Street Reform and Consumer Protection Act,” 75 Federal Register 62718,
October 13, 2010; and U.S. Federal Deposit Insurance Corporation, “Notice of Proposed Rulemaking Implementing
Certain Orderly Liquidation Authority Provisions of the Dodd-Frank Wall Street Reform and Consumer Protection
Act,” 75 Federal Register 64173.
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requirements include the Administrative Procedure Act, the Regulatory Flexibility Act, the
Paperwork Reduction Act, the Unfunded Mandates Reform Act, and the Congressional Review
Act—each of which states that certain procedural or analytical requirements be addressed before
the agencies’ rules can be published and take effect.45 Presidential review of agency rulemaking is
currently centered in Executive Order 12866, which requires covered agencies to submit their
“significant” regulatory actions to the Office of Information and Regulatory Affairs (OIRA)
within the Office of Management and Budget (OMB) before they are published in the Federal
Register.46 OIRA reviews the rules to determine their consistency with the analytic requirements
in the executive order, the statutes under which they are issued, the President’s priorities, and the
rules issued by other agencies. The executive order states that the agencies are to “propose or
adopt a regulation only upon a reasoned determination that the benefits of the intended regulation
justify its costs.”47 Covered agencies are required to estimate the costs and benefits of their
“significant” rules, and to conduct a full cost-benefit analysis before issuing any “economically
significant” rule (e.g., one that is expected to have a $100 million annual impact on the
economy).48 That analysis is required to include an assessment of not only the underlying benefits
and costs, but also the costs and benefits of “potentially effective and reasonably feasible
alternatives to the planned regulation.”49
OIRA also plays a key role in implementing the requirements of the Paperwork Reduction Act
(PRA, 44 U.S.C. §§ 3501-3520). The PRA created OIRA, and generally requires that federal
agencies receive OIRA approval for certain information collection requests before they are
conducted. Before approving a proposed collection of information, OIRA must determine
whether the collection is “necessary for the proper performance of the functions of the agency.”50
OIRA’s information collection approvals must be renewed at least every three years if the agency
wishes to continue collecting the information.
Many Rulemaking Requirements, and Exceptions, Apply to Dodd-
Frank Act Rules
Many of the government-wide rulemaking requirements appear to apply to rulemaking under the
Dodd-Frank Act, but the exceptions and exemptions to those requirements also apply.

45 For more information on these and other rulemaking statutes, see CRS Report RL32240, The Federal Rulemaking
Process: An Overview, by Curtis W. Copeland.
46 The President, Executive Order 12866, “Regulatory Planning and Review,” 58 Federal Register 51735, October 4,
1993, Section 6(a). A “significant” regulatory action is defined in Section 3(f) as “Any regulatory action that is likely to
result in a rule that may (1) have an annual effect on the economy of $100 million or more or adversely affect in a
material way the economy, a sector of the economy, productivity, competition, jobs, the environment, public health or
safety, or State, local, or tribal governments or communities; (2) create a serious inconsistency or otherwise interfere
with an action taken or planned by another agency; (3) materially alter the budgetary impact of entitlements, grants,
user fees, or loan programs or the rights and obligations of recipients thereof; or (4) raise novel legal or policy issues
arising out of legal mandates, the President’s priorities, or the principles set forth in the Executive order.” For more
information on OIRA and its review process, see CRS Report RL32397, Federal Rulemaking: The Role of the Office of
Information and Regulatory Affairs, by Curtis W. Copeland.
47 Section 1(b)(6) of Executive Order 12866. As the executive order and OMB Circular A-4 make clear, even under this
standard, the monetized benefits of a rule are not required to exceed the monetized costs of the rule before the agency
can issue the rule, only that the costs of the rule be “justified” by the benefits (quantitative or non-quantitative).
48 Section 6(a)(3)(C) of Executive Order 12866.
49 Section 6(a)(3)(C)(iii) of Executive Order 12866.
50 44 U.S.C. 3508.
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Administrative Procedure Act
For example, as noted earlier in this report, the Administrative Procedure Act (APA) generally
requires that federal agencies publish a notice of proposed rulemaking in the Federal Register,
give “interested persons” an opportunity to comment on the rule, consider those comments and
publish a final rule with a general statement of its basis and purpose, and make the final rule
effective no less than 30 days after its publication.51 However, the APA also says that these
“notice and comment” procedures do not apply when the agency finds, for “good cause,” that
those procedures are “impracticable, unnecessary, or contrary to the public interest.”52 Also,
agencies can make their rules take effect less than 30 days after they are published if there is
“good cause.”53 Therefore, the agencies issuing rules under the Dodd-Frank Act can publish final
rules without allowing the public to comment on prior proposed rules, and can make those final
rules effective immediately, if they conclude that there is “good cause” to do so. Agencies’ use of
the APA’s good cause exceptions are subject to judicial review.
Of the 10 Dodd-Frank Act final rules that had been published in the Federal Register as of
October 20, 2010, the issuing agencies invoked the “good cause” exception in eight rules,54 and
the agency said notice and comment was not required in one other rule because it only involved
agency organization and procedure.55 The remaining rule was preceded by a notice of proposed
rulemaking, but that notice was published on January 20, 2010, more than six months before the
Dodd-Frank Act was enacted.56
Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA, 5 U.S.C. §§ 601-612) requires federal agencies to assess the
impact of their forthcoming rules on “small entities,” which includes small businesses, small
governmental jurisdictions, and small not-for-profit organizations.57 Under the RFA, federal
agencies must prepare a regulatory flexibility analysis at the time that proposed and certain final
rules are published in the Federal Register. The act requires the analyses to describe, among other
things, (1) why the regulatory action is being considered and its objectives; (2) the small entities
to which the rule will apply and, where feasible, an estimate of their number; (3) the projected
reporting, recordkeeping, and other compliance requirements of the rule; and, for final rules, (4)
steps the agency has taken to minimize the impact of the rule on small entities. However, these
requirements are not triggered if the head of the issuing agency certifies that the rule would not

51 5 U.S.C. 553.
52 5 U.S.C. 553(b)(3(B). These requirements also do not apply to interpretative rules, general statements of policy, or
rules of agency organization, procedure, or practice (5 U.S.C. 553(b)(A)).
53 5 U.S.C. 553(d).
54 These rules were the FDIC’s August 13, 2010, rule; the National Credit Union Administration’s September 2, 2010,
rule; the CFTC’s October 14, 2010, rule; and the SEC’s rules of September 8, September 21 (two rules), October 4, and
October 20, 2010.
55 This rule was the SEC’s October 12, 2010, rule on “Delegation of Authority to the Director of the Division of
Trading and Markets.”
56 This was the CFTC’s September 10, 2010, rule on “Regulation of Off-Exchange Retail Foreign Exchange
Transactions and Intermediaries.” The January 20, 2010, proposed rule was issued in response to the CFTC
Reauthorization Act of 2008 (CRA, P.L. 110-246). CFTC noted in the final rule that the Dodd-Frank Act dealt with
some of the same issues, so the final rule was being issued pursuant to both the CRA and the Dodd-Frank Act.
57 For more information on the RFA, see CRS Report RL34355, The Regulatory Flexibility Act: Implementation Issues
and Proposed Reforms, by Curtis W. Copeland.
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have a “significant economic impact on a substantial number of small entities.” The RFA does not
define “significant economic impact” or “substantial number of small entities,” thereby giving
federal agencies substantial discretion regarding when the act’s analytical requirements apply.58
Also, the RFA’s analytical requirements do not apply when an agency is not required to publish a
notice of proposed rulemaking.59 Therefore, if an agency publishes a final rule implementing the
Dodd-Frank Act without a prior proposed rule (e.g., using the “good cause exception), then the
RFA’s analytical requirements do not apply.
Of the 10 Dodd-Frank Act final rules that had been published as of October 20, 2010, the issuing
agencies certified that four of them did not have a “significant economic impact” on a
“substantial number of small entities,”60 and said that four other rules were not covered by the
RFA because there was no prior proposed rule.61 Another rule did not mention the RFA.62 In the
remaining rule, the agency did a regulatory flexibility analysis even though the final rule had been
published without a prior proposed rule.63
Some Rulemaking Requirements and Controls Are Not Applicable
to Certain Agencies
In addition to these exceptions and exclusions, some notable regulatory oversight mechanisms
(e.g., Executive Order 12866) do not apply to the independent regulatory agencies that are
required or permitted to issue most of the rules under the Dodd-Frank Act—the SEC, the Board
of Governors, the CFTC, the CFPB, and the FDIC.64 Also, those agencies may be able to void
certain other rulemaking requirements. (These inapplicable requirements were also not applicable
to most, if not all, of the independent regulatory agencies before the Dodd-Frank Act was
enacted.)
Executive Order 12866
Most of the requirements in Executive Order 12866 do not apply to independent regulatory
agencies.65 Therefore, the independent regulatory agencies that are expected to issue most of the

58 Agencies’ interpretations of these phrases are, however, subject to judicial review (5 U.S.C. 611).
59 See 5 U.S.C. 603(a), which states that agencies must prepare initial regulatory flexibility analyses “whenever an
agency is required…to publish a general notice of proposed rulemaking for any proposed rule.” See also 5 U.S.C.
604(a), which requires agencies to prepare a final regulatory flexibility analysis when an agency publishes a final rule
“after being required…to publish a general notice of proposed rulemaking.”
60 These were the FDIC rule of August 13, 2010; the National Credit Union Administration rule of September 2, 2010;
the CFTC rule of September 10, 2010; and the SEC rule of October 20, 2010.
61 These were the SEC’s rules of September 21, 2010, (two rules) and October 4, 2010; and the CFTC rule of October
14, 2010.
62 This was the SEC’s October 12, 2010, rule on “Delegation of Authority to the Director of the Division of Trading
and Markets.”
63 This was the SEC’s September 8, 2010, final rule on “Temporary Registration of Municipal Advisors.”
64 As used in this report, the term “independent regulatory agencies” refers to the boards and commissions identified as
such in the Paperwork Reduction Act (44 U.S.C. §3502(5)). Independent regulatory agencies are generally established
to be more independent of presidential direction and control than cabinet departments and other agencies. For more
information, see Paul R. Verkuil, “The Purposes and Limits of Independent Agencies,” Duke Law Journal, vol. 37
(1988), pp. 257-279.
65 Certain planning requirements in Section 4(b) and Section 4(c) regarding the “unified regulatory agenda” and the
(continued...)
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rules under the Dodd-Frank Act do not have to submit their proposed or final significant rules to
OIRA for review before they are published. Also, these independent regulatory agencies do not
have to conduct cost-benefit analyses for their economically significant rules, and do not have to
show that the benefits of their significant rules “justify” the costs. Although certain sections of the
Dodd-Frank Act (e.g., Sections 1022 and 1041(c)(1)) require that certain agencies “consider” and
“take into account” the potential benefits and costs of their rules, these provisions may be
interpreted to establish somewhat less stringent analytical thresholds than the general requirement
in Executive Order 12866 that the benefits of agencies’ rules “justify” the costs.66
Paperwork Reduction Act
Also, although the Paperwork Reduction Act covers independent regulatory agencies, and permits
OIRA to disapprove their proposed collections of information, the agencies may be able to collect
information even if OIRA objects. The PRA states that
An independent regulatory agency which is administered by 2 or more members of a
commission, board, or similar body, may by majority vote void (A) any disapproval by the
Director [of OMB], in whole or in part, of a proposed collection of information of that
agency; or (B) an exercise of authority under subsection (d) of section 3507 concerning that
agency (regarding information collections that are part of a proposed rule).67
Therefore, for example, if OIRA denies a request to collect information by the SEC, the Board of
Governors, or the CFTC, those agencies can, by a majority vote, void that disapproval. Although
the CFPB is an independent regulatory agency, it is headed by a single director, not a multi-
member body. Therefore, this PRA authority would not appear to apply to the Bureau. However,
Section 1100D(c) of the Dodd-Frank Act amended the PRA, and states that
Notwithstanding any other provision of law, the Director (of OMB) shall treat or review a
rule or order prescribed or proposed by the Director of the Bureau of Consumer Financial
Protection on the same terms and conditions as apply to any rule or order prescribed or
proposed by the Board of Governors of the Federal Reserve System.
Applying this subsection, because the Board of Governors, a multi-member board, is authorized
to void OIRA disapprovals of its information collections, the director of the CFPB may arguably
be authorized to do so as well.
Unfunded Mandates Reform Act
The Unfunded Mandates Reform Act (UMRA) of 1995 was enacted in an effort to reduce the
costs associated with federal imposition of responsibilities, duties, and regulations upon state,
local, and tribal governments and the private sector without providing the funding appropriate to

(...continued)
“regulatory plan” apply to independent regulatory agencies. Generally, however, the executive order does not apply to
independent regulatory agencies.
66 Other sections of the Dodd-Frank Act require agencies to study certain issues, including the costs and benefits of
certain actions. (See, for example, Section 929Y, a study on extraterritorial private rights of action.) However, those
studies are not in the context of rulemaking.
67 44 U.S.C. 3507(f)(1).
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the costs imposed by those responsibilities. Title II of UMRA (2 U.S.C. §§ 1532-1538) generally
requires cabinet departments and other agencies to prepare a written statement containing specific
descriptions and estimates for any proposed rule that is expected to result in the expenditure of
$100 million or more in any year to state, local, or tribal governments, or to the private sector.
However, UMRA does not apply to independent regulatory agencies, and therefore does not apply
to many of the rules to be issued pursuant to the Dodd-Frank Act. Even if UMRA did apply to
these agencies, UMRA contains numerous other exceptions and exclusions that may exempt their
rules from its requirements.68
Appropriations Restrictions
In recent years, Congress has added provisions to agency appropriations bills that restrict federal
rulemaking or regulatory activity, including provisions that (1) prevent the finalization of
particular proposed rules, (2) restrict regulatory activity within certain areas, (3) inhibit the
implementation or enforcement of certain rules, and (4) employ condition restrictions (e.g.,
preventing the implementation of a rule until certain actions are taken).69 Appropriations
restrictions have been advocated by representatives of virtually all political parties and interest
groups, and some of these restrictions have been repeated year after year.
It should be noted that several of the agencies required or authorized to issue rules under the
Dodd-Frank Act do not receive appropriated funds. As a result, Congress arguably may not be
able to use appropriations restrictions to control their rulemaking actions.70 For example, the
Federal Reserve System, of which the Board of Governors is a part, receives income primarily
from the interest on U.S. government securities that it has acquired through open market
operations.71 The CFPB is funded (up to certain caps) using money from the combined earnings
of the Federal Reserve System, and the Dodd-Frank Act states that those funds are not reviewable
by either the House or the Senate appropriations committees.72 However, the SEC, the CFTC, and
several other agencies issuing rules under the Dodd-Frank Act receive appropriations, so
Congress can place restrictions on those agencies’ appropriations to control their rulemaking
actions.73

68 See, for example, U.S. General Accounting Office, Unfunded Mandates: Analysis of Reform Act Coverage, GAO-04-
637, May 12, 2004.
69 CRS Report RL34354, Congressional Influence on Rulemaking and Regulation Through Appropriations
Restrictions, by Curtis W. Copeland.
70 Others, however, take the view that even these non-appropriated funds must be at least figuratively deposited into the
Treasury, and that “all spending in the name of the United States must be pursuant to legislative appropriation.” Kate
Stith, “Congress’ Power of the Purse,” The Yale Law Journal, vol. 97 (1988), p. 1345.
71 See http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm#6. Other sources of income are the interest on foreign
currency investments held by the system; fees received for services provided to depository institutions, such as check
clearing, funds transfers, and automated clearinghouse operations; and interest on loans to depository institutions (the
rate on which is the so-called discount rate). After paying its expenses, the Federal Reserve turns the rest of its earnings
over to the U.S. Treasury.
72 Section 1017. However, if the director of the CFPB determines that these non-appropriated funds are insufficient, the
Dodd-Frank Act authorizes appropriations of up to $200 million per year for FY2010 through FY2014. Appropriations
restrictions could be added to any such appropriated funds.
73 As noted in CRS Report R40801, Financial Services and General Government (FSGG): FY2010 Appropriations,
coordinated by Garrett Hatch, the SEC’s budget is set through the normal appropriations process, but funds for the
agency come from fees that are imposed on sales of stock, new issues of stocks and bonds, corporate mergers, and
(continued...)
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Depending on how they are written, appropriations restrictions to affect rulemaking may have
certain limitations. In general, they do not nullify existing regulations (i.e., remove them from the
Code of Federal Regulations) or permanently prevent the agencies from issuing the same or
similar regulations. As a result, any final rule that has taken effect and been codified in the Code
of Federal Regulations will continue to be binding—even if language in the relevant regulatory
agency’s appropriations act prohibits the use of funds to enforce the rule. Regulated entities may
still be required to adhere to applicable requirements (e.g., installation of pollution control
devices, submission of relevant paperwork), even if violations are unlikely to be detected and
enforcement actions cannot be taken by federal agencies. Also, unless otherwise indicated,
regulatory restrictions in appropriations acts are generally binding only for the period of time
covered by the legislation (i.e., a fiscal year or a portion of a fiscal year).74 Therefore, any such
restriction that is not repeated in the next relevant appropriations act or enacted in other
legislation is no longer binding on the relevant agency or agencies.
Congressional Oversight
In order for Congress to oversee the rules implementing the Dodd-Frank Act, it must first have a
sense of what rules the agencies are going to issue, and when. By identifying the provisions in the
act that require or permit rulemaking, this report can help to inform Congress in this regard. As
noted previously, however, many of the rules that the agencies will likely issue to implement the
Dodd-Frank Act are not specifically mentioned in the act. Also, some of the rules that the
agencies are permitted (but not required) to issue may never be developed.
Another way for Congress to identify upcoming rules is by reviewing the Unified Agenda of
Federal Regulatory and Deregulatory Actions, which is published twice each year.75 The Unified
Agenda lists upcoming rulemaking activities, by agency, in five separate categories: (1) prerule
stage (e.g., advance notices of proposed rulemaking); (2) proposed rule stage (i.e., upcoming
proposed rules); (3) final rule stage (i.e., upcoming final rules); (4) long-term actions (i.e., rules
that agencies do not expect to issue in the next 12 months); and (5) completed actions (i.e., final
rules or rules that have been withdrawn since the last edition of the Unified Agenda). There is no
penalty for issuing a rule without a prior notice in the Unified Agenda, and some prospective
rules listed in the Unified Agenda never get issued. Nevertheless, the Unified Agenda can help
Congress and the public know what actions are about to occur. A previous CRS report indicated
that about three-fourths of the significant proposed rules published after having been reviewed by
OIRA in 2008 were previously listed in the “proposed rule” section of the Unified Agenda.76 The

(...continued)
other securities market transactions. When the fees are collected, they go to a special offsetting account available to
appropriators, not to the Treasury’s general fund. The SEC is required to adjust the fee rates periodically in order to
make the amount collected approximately equal to target amounts set in statute.
74 See U.S. General Accounting Office, Principles of Appropriations Law, Third Edition, Volume I, GAO-04-261SP,
(January 2004), p. 2-34, which states that “Since an appropriation act is made for a particular fiscal year, the starting
presumption is that everything contained in the act is effective only for the fiscal year covered. Thus, the rule is: A
provision contained in an annual appropriation act is not to be construed to be permanent legislation unless the
language used therein or the nature of the provision makes it clear that Congress intended it to be permanent.”
75 The Unified Agenda is available at http://www.reginfo.gov/public/do/eAgendaMain.
76 CRS Report R40713, The Unified Agenda: Implications for Rulemaking Transparency and Participation, by Curtis
W. Copeland.
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first edition of the Unified Agenda after the enactment of the Dodd-Frank Act is expected to be
published on November 22, 2010.77
Options
Congress has a number of oversight tools available to affect the nature of Dodd-Frank Act
rulemaking, including
• confirmation hearings for nominees to head the rulemaking agencies;
• oversight hearings on the agencies’ implementation of the act; and
• letters and meetings between individual Members and representatives of the
agencies regarding pending rules, and filing comments on proposed and interim
final rules.78
As one author indicated,
[I]nvestigations conducted by congressional committees constitute another powerful device
of formal political supervision…. The public legislative hearings, in which administrative
action is carefully scrutinized and a commissioner or staff member is plied with questions,
symbolizes the unparalleled sophistication of American congressional control over
administrative action, in general and by [independent regulatory agencies], in particular.
Individual oversight by representatives or senators also takes place. Through correspondence
or meetings, the latter convey the concerns of their constituents.79
Congress, committees, and individual Members can also request that the Government
Accountability Office (GAO) evaluate the agencies’ actions to implement the Dodd-Frank Act.
However, the act itself contains more than 40 provisions requiring GAO to conduct studies and
write reports.80 For example:
• Section 412 of the act requires GAO to examine compliance costs associated
with SEC rules regarding custody of funds or securities of clients by investment
advisers, and any additional costs if a portion of a rule relating to operational
independence is eliminated. GAO is required to submit a report on the results of
the study to the Senate Committee on Banking, Housing, and Urban Affairs and
the House Committee on Financial Services not later than three years after the
date of enactment (i.e., by July 21, 2013).
• Section 939E requires GAO to study the feasibility and merits of creating an
independent professional organization for rating analysts employed by nationally
recognized statistical rating organizations. GAO is to submit a report on the

77 E-mail from Therese A. Taylor, Regulatory Information Service Center, General Services Administration, October
18, 2010.
78 In Sierra Club v. Costle (657 F.2d 298, D.C. Cir. 1981), the D.C. Circuit concluded (at 409) that it was “entirely
proper for congressional representatives vigorously to represent the interests of their constituents before administrative
agencies engaged in informal, general policy rulemaking, so long as the individual Members of Congress do not
frustrate the intent of Congress as a whole as expressed in statute, nor undermine applicable rules of procedure.”
79 Dominique Custos, “The Rulemaking Power of Independent Regulatory Agencies,” The American Journal of
Comparative Law, vol. 54 (Fall 2006), p. 633.
80 A complete list of these GAO studies is available from the author of this report.
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results of the study to the Senate Committee on Banking, Housing, and Urban
Affairs and the House Committee on Financial Services not later than one year
after the date of publication of the rules issued by the Commission pursuant to
Section 936 of the act.
• Section 1421 requires GAO to submit a report to Congress within one year of the
date of enactment (i.e., by July 21, 2011) assessing the effects of the Dodd-Frank
Act on the availability and affordability of credit for consumers, small
businesses, homebuyers, and mortgage lending.
GAO has indicated that it considers congressional mandates as a top priority, followed by
requests from senior congressional leaders and committee leaders, with the third priority being
individual Member requests.81
Restrictions on the use of agencies’ appropriations is also an option, at least for the agencies that
receive congressionally appropriated funds (e.g., the SEC and the CFTC). As noted previously,
while such restrictions can prevent agencies from using such funds to finalize or implement the
rules in question, they do not eliminate published final rules, and do not relieve regulated parties
from complying with their requirements. Also, unless otherwise indicated, regulatory restrictions
in appropriations acts are binding only for the period of time covered by the legislation.
Congressional Review Act
Another congressional oversight option regarding agencies’ rules is the Congressional Review
Act (CRA, 5 U.S.C. § 801 et seq.), which was enacted in 1996 in an attempt to reestablish a
measure of congressional authority over rulemaking “without at the same time requiring Congress
to become a super regulatory agency.”82 The act generally requires all federal agencies (including
independent regulatory agencies) to submit all of their covered final rules to both houses of
Congress and GAO before they can take effect.83 It also established expedited legislative
procedures (primarily in the Senate) by which Congress may disapprove agencies’ final rules by
enacting a joint resolution of disapproval.84 The definition of a covered rule in the CRA is quite
broad, arguably including any type of document (e.g., legislative rules, policy statements,
guidance, manuals, and memoranda) that the agency wishes to make binding on the affected
public.85 After a rule is submitted, Congress can use the expedited procedures specified in the
CRA to disapprove of the rule. CRA resolutions of disapproval must be presented to the President
for signature or veto.

81 See GAO’s Congressional Protocols, available at http://www.gao.gov/new.items/d04310g.pdf.
82 Joint statement of House and Senate Sponsors, 142 Cong. Rec. E571, at E571 (daily ed. April 19, 1996); 142 Cong.
Rec. S3683, at S3683 (daily ed. April 18, 1996).
83 If a rule is considered “major” (e.g., has a $100 million annual effect on the economy), then the CRA generally
prohibits it from taking effect until 60 days after the date that it is submitted to Congress.
84 For a detailed discussion of CRA procedures, see CRS Report RL31160, Disapproval of Regulations by Congress:
Procedure Under the Congressional Review Act, by Richard S. Beth.
85 For more on the potential scope of the definition of a “rule” under the CRA, see CRS Report RL30116,
Congressional Review of Agency Rulemaking: An Update and Assessment of The Congressional Review Act after a
Decade, by Morton Rosenberg.
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For a variety of reasons, however, the CRA has been used to disapprove only one rule in the more
than 14 years since it was enacted.86 Perhaps most notably, it is likely that a President would veto
a resolution of disapproval to protect rules developed under his own administration, and it may be
difficult for Congress to muster the two-thirds vote in both houses needed to overturn the veto.
Congress can also use regular (i.e., non-CRA) legislative procedures to disapprove agencies’
rules, but such legislation may prove even more difficult to enact than a CRA resolution of
disapproval (primarily because of the lack of expedited procedures in the Senate), and if enacted
may also be vetoed by the President.
These difficulties notwithstanding, even if the use of the CRA does not result in the disapproval
of a rule, just the threat of filing a resolution of disapproval can sometimes exert pressure on
agencies to modify or withdraw their rules.87 Also, the expedited procedures in the Senate can
provide a forum to discuss concerns about a rule. After a joint resolution is introduced, it is
referred to the appropriate committee of jurisdiction. If the committee does not report the
resolution within a specified period, it can be discharged from committee by a petition signed by
30 Senators. After the joint resolution has been reported by the appropriate committee or
discharged by petition, it is placed on the Senate calendar. At that point, it is in order to consider a
motion to proceed to the consideration of the joint resolution at any time. The CRA provides that
all points of order against the joint resolution (and against consideration of the joint resolution)
are waived. The motion to proceed is not debatable and is also not subject to amendment, or to a
motion to postpone, or to a motion to proceed to the consideration of other business. If the motion
to proceed were agreed to, debate on the joint resolution would be limited to no more than 10
hours (debate may be less than 10 hours if the Senate agrees to a non-debatable motion to limit
debate). Amendments and motions to recommit are not in order. The 10 hours of debate would be
divided equally between those favoring and those opposing the joint resolution. Immediately
following the conclusion of debate on the joint resolution, the Senate is required to vote on final
passage of the joint resolution.

86 The rule overturned in March 2001 was the Occupational Safety and Health Administration’s ergonomics standard.
This reversal was the result of a unique set of circumstances in which the incoming President (George W. Bush) did not
veto the resolution disapproving the outgoing President’s (William J. Clinton’s) rule. See CRS Report RL30116,
Congressional Review of Agency Rulemaking: An Update and Assessment of The Congressional Review Act after a
Decade, by Morton Rosenberg, for a description of several possible factors affecting the CRA’s use, and for other
effects that the act may have on agency rulemaking.
87 See CRS Report RL30116, Congressional Review of Agency Rulemaking: An Update and Assessment of The
Congressional Review Act after a Decade, by Morton Rosenberg, for a description of instances in which the filing of a
resolution of disapproval had an effect on agencies’ decisions.
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Appendix A. Mandatory Rulemaking Provisions
Table 3 below lists provisions in the Dodd-Frank Act that require agencies to issue certain rules
(e.g., stating that the agency or agencies “shall” establish, promulgate, or issue rules or
regulations on a particular topic).
Table A-1. Mandatory Rulemaking Provisions in the Dodd-Frank Act
Section
Text of the Provision
Agency
Deadline
Section 102(b)
“…shal establish, by
Board of Governors
None
regulation, the
requirements for
determining if a company is
predominantly engaged in
financial activities….”
Section 120(e)(2)(B)
“…shall promulgate
All primary financial
January 22, 2012 (Per
regulations to establish a
regulatory agencies that
Section 168, unless
procedure under which
impose standards under
otherwise specified, Board
entities under its
this section.
of Governors’ final rules in
jurisdiction may appeal a
subtitles A and C of this
determination by such
title must be issued within
agency under this
18 months of the act’s
paragraph that standards
effective date.)
imposed under this section
(providing more stringent
regulation of a financial
activity) should remain in
effect.”
Section 152(g)
“…shall issue regulations
Secretary of the Treasury,
None
prohibiting the Director
with the concurrence of
and any employee of the
the Office of Government
Office (of Financial
Ethics
Research) who has had
access to the transaction or
position data maintained by
the Data Center or other
business confidential
information about financial
entities required to report
to the Office from being
employed by or providing
advice or consulting
services to a financial
company, for a period of 1
year after last having had
access in the course of
official duties to such
transaction or position data
or business confidential
information, regardless of
whether that entity is
required to report to the
Office.”
Congressional Research Service
28

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 154(b)(1)(C)
“…shal promulgate
Department of the
None
regulations pursuant to
Treasury, Office of
subsections (a)(1), (a)(2),
Financial Research
(a)(7), and (c)(1) of section
153 regarding the type and
scope of the data to be
col ected by the Data
Center under this
paragraph.” (Data to be
used by Council to
determine threats to
financial stability.)
Section 155(d)
“…shal establish, by
Secretary of the Treasury,
July 21, 2012 (Rules can be
regulation…an assessment
with the approval of the
issued starting two years
schedule and rates,
Financial Stability Oversight
after the date of
applicable to bank holding
Council
enactment.)
companies with total
consolidated assets of
$50,000,000,000 or greater
and nonbank financial
companies supervised by
the Board of
Governors….”
Section 165(d)(8)
“…shall jointly issue final
Board of Governors and
January 21, 2012 (Within
rules implementing this
the Federal Deposit
18 months after the date of
subsection” (on
Insurance Corporation
enactment.)
“Resolution Plan and
Credit Exposure Reports”).
Section 165(e)(1)
“In order to limit the risks
Board of Governors
January 22, 2012 (Per
that the failure of any
Section 168, unless
individual company could
otherwise specified, Board
pose to a nonbank financial
of Governors’ final rules in
company supervised by the
subtitles A and C must be
Board of Governors or a
issued within 18 months of
bank holding company
the act’s effective date.)
described in subsection (a),
the Board of Governors, by
regulation, shall prescribe
standards that limit such
risks.”
Section 165(h)
“…shall issue final rules to
Board of Governors
July 21, 2012 (Rules must
carry out this
be issued within 1 year
subsection…” (on “Risk
after the transfer date, and
Committee”). Specifically
must take effect no later
required to “issue
than 15 months after the
regulations requiring each
transfer date (i.e., by
bank holding company that
October 21, 2012).)
is a publicly traded
company and that has total
consolidated assets of not
less than $10,000,000,000
to establish a risk
committee….”
Congressional Research Service
29

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 165(i)(2)(C)
“…shall issue consistent
“Each Federal primary
None
and comparable regulations financial regulatory agency,
to implement this
in coordination with the
paragraph that shall—(i)
Board of Governors and
define the term ‘stress test’ the Federal Insurance
for purposes of this
Office”
paragraph; (i ) establish
methodologies for the
conduct of stress tests
required by this paragraph
that shall provide for at
least 3 different sets of
conditions, including
baseline, adverse, and
severely adverse; (iii)
establish the form and
content of the report
required by subparagraph
(B); and (iv) require
companies subject to this
paragraph to publish a
summary of the results of
the required stress tests.”
Section 165(j)(3)
“…shal promulgate
Board of Governors
January 22, 2012 (Per
regulations to establish
Section 168, unless
procedures and timelines
otherwise specified, Board
for complying with the
of Governors’ final rules in
requirements of this
subtitles A and C must be
subsection” (on ‘leverage
issued within 18 months of
limitation’).”
the act’s effective date.)
Section 166(a)
“…shall prescribe
Board of Governors, in
January 22, 2012 (Per
regulations establishing
consultation with the
Section 168, unless
requirements to provide
Financial Stability Oversight
otherwise specified, Board
for the early remediation of Council and the Federal
of Governors’ final rules in
financial distress of a
Deposit Insurance
subtitles A and C must be
nonbank financial company
Corporation
issued within 18 months of
supervised by the Board of
the act’s effective date.)
Governors or a bank
holding company described
in section 165(a)….”
Section 170(a)
“…shal promulgate
Board of Governors, in
January 22, 2012 (Per
regulations…setting forth
consultation with the
Section 168, unless
the criteria for exempting
Financial Stability Oversight
otherwise specified, Board
certain types or classes of
Council
of Governors’ final rules in
U.S. nonbank financial
subtitles A and C must be
companies or foreign
issued within 18 months of
nonbank financial
the act’s effective date.)
companies from
supervision by the Board of
Governors.”
Congressional Research Service
30

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 201(b)
“…shal establish, by
Federal Deposit Insurance
None
regulation” definitional
Corporation, in
criteria to determine if the
consultation with the
consolidated revenues of a
Secretary
company from certain
activities constitute less
than 85 percent of the total
consolidated revenues of
such company.
Section 205(h)
“… shall jointly issue rules
The Securities and
None
to implement this section”
Exchange Commission and
(on “Orderly Liquidation of the Federal Deposit
Covered Brokers and
Insurance Corporation,
Dealers”).
after consultation with the
Securities Investor
Protection Corporation
Section 210 (c)(8)(H)(i)
“…shall jointly prescribe
“Federal primary financial
July 21, 2012 (Within 24
regulations requiring that
regulatory agencies” (or
months of the date of
financial companies
the Chairperson of the
enactment.)
maintain such records with
Financial Stability Oversight
respect to qualified financial Council, if the deadline is
contracts (including market
not met)
valuations) that the Federal
primary financial regulatory
agencies determine to be
necessary or appropriate in
order to assist the
Corporation as receiver for
a covered financial
company in being able to
exercise its rights and fulfill
its obligations under this
paragraph or paragraph (9)
or (10).” The rules issued
may be “joint final or
interim final regulations.”
Section 210(n)(7)
“…shall jointly…prescribe
Federal Deposit Insurance
None
regulations governing the
Corporation and the
calculation of the maximum Secretary of the Treasury,
obligation limitation defined in consultation with the
in this paragraph.
Financial Stability Oversight
Council
Section 210(o)(6)(A)
“…shall prescribe
Federal Deposit Insurance
None
regulations to carry out
Corporation, in
this subsection” (on
consultation with the
assessments to pay for
Secretary of the Treasury
obligations issued by the
FDIC).
Congressional Research Service
31

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 210(r)
“…shall prescribe
Federal Deposit Insurance
None
regulations which, at a
Corporation
minimum, shall prohibit the
sale of assets of a covered
financial company by the
Corporation to…(any
person who has certain
characteristics).”
Section 210(s)(3)
“…shal promulgate
Federal Deposit Insurance
None
regulations to implement
Corporation
the requirements of this
subsection (on recoupment
of compensation from
senior executives and
directors of failed financial
companies), including….”
Section 213(d)
“…shall jointly prescribe
Federal Deposit Insurance
None
rules or regulations to
Corporation and the Board
administer and carry out
of Governors, in
this section” (on banning
consultation with the
certain activities by senior
Financial Stability Oversight
executives and directors).
Council
Section 331(b)
“…shal amend the
Federal Deposit Insurance
None
regulations issued by the
Corporation
Corporation under section
7(b)(2) of the Federal
Deposit Insurance Act (12
U.S.C. 1817(b)(2)) to define
the term ‘assessment base’
with respect to an insured
depository institution for
purposes of that section
7(b)(2), as an amount equal
to….”
Section 332(1)(B)
“…shal prescribe, by
Federal Deposit Insurance
None
regulation, after notice and
Corporation
opportunity for comment,
the method for the
declaration, calculation,
distribution, and payment
of dividends under this
paragraph.”
Section 358(2)
“… shall prescribe
Comptroller of the
None
(amending Section 806
regulations applicable to
Currency
of the Community
savings associations ….”
Reinvestment Act of
1977 (12 U.S.C. 2901 et
seq.)
Section 358(2)
“... shall prescribe
Board of Governors
None
(amending Section 806
regulations applicable to
of the Community
insured State member
Reinvestment Act of
banks, bank holding
1977 (12 U.S.C. 2901 et
companies and savings and
seq.)
loan holding companies.”
Congressional Research Service
32

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 404(2)
“…shall issue rules
Securities and Exchange
None
(amending Section 204
requiring each investment
Commission
of the Investment
adviser to a private fund to
Advisers Act of 1940 (15 file reports containing such
U.S.C. 80b-4))
information as the
Commission deems
necessary and appropriate
in the public interest and
for the protection of
investors or for the
assessment of systemic
risk.”
Section 406(2)
“…shall…jointly
Securities and Exchange
July 21, 2011 (Not later
(amending Section 211
promulgate rules to
Commission and
than 12 months after the
of the Investment
establish the form and
Commodity Futures
date of enactment of the
Advisers Act of 1940 (15 content of the reports
Trading Commission
Private Fund Investment
U.S.C. 80b-11))
required to be filed with
Advisers Registration Act
the Commission under
of 2010, which is Title IV of
subsection 204(b) and with
the Dodd-Frank Act.)
the Commodity Futures
Trading Commission by
investment advisers that
are registered both under
this title and the
Commodity Exchange Act
(7 U.S.C. 1a et seq.).”
Section 407 (amending
“…shall issue final rules to
Securities and Exchange
July 21, 2011 (Not later
Section 203 of the
define the term ‘venture
Commission
than 1 year after the date
Investment Advisers Act
capital fund’ for purposes
of enactment.)
of 1940 (15 U.S.C. 80b-
of this subsection” (on
3))
“Exemption of Venture
Capital Fund Advisers”).
Section 409 (amending
Requires an exemption for
Securities and Exchange
None
Section 202(a)(11) of the “any family office, as
Commission
Investment Advisers Act
defined by rule, regulation,
of 1940 (15 U.S.C. 80b-
or order of the
2(a)(11)))
Commission, in accordance
with the purposes of this
title….” Goes on to
require that the exemption
meet certain criteria.
Section 413(a)
“…shall adjust any net
Securities and Exchange
None
worth standard for an
Commission
accredited investor, as set
forth in the rules of the
Commission under the
Securities Act of 1933….”
Section 616(d)
“…shall jointly issue final
The “appropriate Federal
July 21, 2012 (Within one
(amending the Federal
rules to carry out this
banking agencies.”
year after the transfer
Deposit Insurance Act
section” (which requires
date.)
(12 U.S.C. 1811 et seq.)
holding companies to serve
as a “source of strength”
for subsidiaries).
Congressional Research Service
33

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 618(d)(1)
“…shall, by regulation or
Board of Governors
None
order, prescribe capital
adequacy and other risk
management standards for
supervised securities
holding companies that are
appropriate to protect the
safety and soundness of the
supervised securities
holding companies and
address the risks posed to
financial stability by
supervised securities
holding companies.”
Section 619 (amending
“…shall consider the
Certain rules are to be
October 21, 2011 (Within
the Bank Holding
findings of the study under
issued jointly by the
15 months of the date of
Company Act of 1956
paragraph (1) (on
“appropriate Federal
enactment. Study required
(12 U.S.C. 1841 et seq.)) implementing the
banking agencies,” while
within six months of
provisions in this section
other rules are to be issued enactment, and rule
on prohibitions on
individually by the Board of
required within nine
proprietary trading and
Governors, the
months of enactment.)
relationships with hedge
Commodity Futures
funds and private equity
Trading Commission, and
funds) and adopt rules to
the Securities and Exchange
carry out this section….”
Commission
Section 619 (amending
“…shall issues [sic] rules to Board of Governors
January 21, 2011 (Not later
the Bank Holding
implement paragraphs (2)
than six months after the
Company Act of 1956
and (3)” (on “Conformance
date of enactment.)
(12 U.S.C. 1841 et seq.)) Period for Divestiture” and
“Extended Transition for
Il iquid Funds”).
Section 620(a)
“…shall issue rules for the
Securities and Exchange
April 17, 2011 (Within 270
(amending the Securities
purpose of implementing
Commission
days after the date of
Act of 1933 (15 U.S.C.
subsection (a)” (on
enactment.)
77a et seq.))
conflicts of interest relating
to certain securitizations).
Section 621 (amending
“…shall issue rules for the
Securities and Exchange
April 17, 2011 (Within 270
the Securities Act of
purpose of implementing
Commission
days after the date of
1933 (15 U.S.C. 77a et
subsection (a)” (which
enactment.)
seq.), new Section 27B)
establishes certain conflict
of interest requirements).
Section 622 (amending
The term “liabilities,” “with
Board of Governors
None
the Bank Holding
respect to an insurance
Company Act of 1956
company or other nonbank
(12 U.S.C. 1841 et seq.)) financial company
supervised by the Board,
(means) such assets of the
company as the Board shall
specify by rule, in order to
provide for consistent and
equitable treatment of such
companies.”
Congressional Research Service
34

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 622 (amending
“…shall issue regulations
Board of Governors
None
the Bank Holding
implementing this section
Company Act of 1956
(on ‘Concentration Limits
(12 U.S.C. 1841 et seq.),
on Large Financial Firms’) in
new Section 14)
accordance with the
recommendations of the
(Financial Stability
Oversight) Council….”
Section 622 (amending
“…shall issue final
Board of Governors
October 21, 2011 (Within
the Bank Holding
regulations implementing
15 months of the date of
Company Act of 1956
this section, which shall
enactment. Study required
(12 U.S.C. 1841 et seq.),
reflect any
within six months of
new Section 14)
recommendations by the
enactment, and rule
(Financial Stability
required within nine
Oversight) Council under
months of enactment.)
paragraph (1)(B).”
Section 626 (creating a
“…shall promulgate
Board of Governors
None
new Section 10A on
regulations to establish the
“Intermediate Holding
criteria for determining
Companies” to the
whether to require a
Homeowners’ Loan Act) grandfathered unitary
savings and loan holding
company to establish an
intermediate holding
company under subsection
(b)….”
Section 712(a)(8)
“…shall jointly prescribe
Commodity Futures
July 16, 2011 (Section
such regulations regarding
Trading Commission and
712(a)(3) states that
mixed swaps, as described
the Securities and Exchange regulations “shall be
in section 1a(47)(D) of the
Commission, after
prescribed in accordance
Commodity Exchange Act
consultation with the
with applicable
(7 U.S.C. 1a(47)(D)) and in
Board of Governors
requirements of title 5,
section 3(a)(68)(D) of the
United States Code, and
Securities Exchange Act of
shall be issued in final form
1934 (15 U.S.C.
not later than 360 days
78c(a)(68)(D)), as may be
after the date of enactment
necessary to carry out the
of this Act.”)
purposes of this title.”
Section 721(a)(16)
“…shall define by rule or
Commodity Futures
July 16, 2011 (Section
(amending Section 1a of
regulation the term
Trading Commission
712(e) requires that al
the Commodity
‘substantial position’ at the
mandatory Title VII CFTC
Exchange Act (7 U.S.C.
threshold that the
and SEC rules (other than
1a))
Commission determines to
those issued jointly) be
be prudent for the effective
promulgated within 360
monitoring, management,
days after the date of
and oversight of entities
enactment, unless another
that are systemically
provision states otherwise.)
important or can
significantly impact the
financial system of the
United States.”
Congressional Research Service
35

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 721(a)(21)
“The Commission shal
Commodity Futures
July 16, 2011 (Section
(amending Section 1a of
exempt from designation as Trading Commission
712(e) requires that al
the Commodity
a swap dealer an entity that
mandatory Title VII CFTC
Exchange Act (7 U.S.C.
engages in a de minimis
and SEC rules (other than
1a))
quantity of swap dealing in
those issued jointly) be
connection with
promulgated within 360
transactions with or on
days after the date of
behalf of its customers. The
enactment, unless another
Commission shall
provision states otherwise.)
promulgate regulations to
establish factors with
respect to the making of
this determination to
exempt.”
Section 721(c)
“To include transactions
Commodity Futures
July 16, 2011 (Section
and entities that have been
Trading Commission
712(e) requires that al
structured to evade this
mandatory Title VII CFTC
subtitle, (the Commission)
and SEC rules (other than
shal adopt a rule to further
those issued jointly) be
define the terms ‘swap,’
promulgated within 360
‘swap dealer,’ ‘major swap
days after the date of
participant,” and ‘eligible
enactment, unless another
contract participant.’”
provision states otherwise.)
Section 723(a)(3)
“…shall adopt rules for a
Commodity Futures
July 21, 2011 (Within one
(amending Section 2 of
derivatives clearing
Trading Commission
year after the date of
the Commodity
organization’s submission
enactment.)
Exchange Act (7 U.S.C.
for review, pursuant to this
2))
paragraph, of a swap, or a
group, category, type, or
class of swaps, that it seeks
to accept for clearing.”
Section 723(a)(3)
“…shall adopt rules for
Commodity Futures
July 21, 2011 (Within one
(amending Section 2 of
reviewing, pursuant to this
Trading Commission
year after the date of
the Commodity
paragraph, a derivatives
enactment.)
Exchange Act (7 U.S.C.
clearing organization’s
2))
clearing of a swap, or a
group, category, type, or
class of swaps, that it has
accepted for clearing.”
Section 725(d)
“…shall adopt rules
Commodity Futures
July 16, 2011 (Section
mitigating conflicts of
Trading Commission
712(e) requires that al
interest in connection with
mandatory Title VII CFTC
the conduct of business by
and SEC rules (other than
a swap dealer or a major
those issued jointly) be
swap participant with a
promulgated within 360
derivatives clearing
days after the date of
organization, board of
enactment, unless another
trade, or a swap execution
provision states otherwise.)
facility that clears or trades
swaps in which the swap
dealer or major swap
participant has a material
debt or material equity
investment.”
Congressional Research Service
36

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 726(a)
“…shall adopt rules which
Commodity Futures
January 17, 2011 (Within
may include numerical
Trading Commission
180 days after enactment.)
limits on the control of, or
the voting rights with
respect to, any derivatives
clearing organization that
clears swaps, or swap
execution facility or board
of trade designated as a
contract market that posts
swaps or makes swaps
available for trading, by a
bank holding company...
with total consolidated
assets of $50,000,000,000
or more, a nonbank
financial company…
supervised by the Board, an
affiliate of such a bank
holding company or
nonbank financial company,
a swap dealer, major swap
participant, or associated
person of a swap dealer or
major swap participant.”
Section 727 (amending
“…is authorized and
Commodity Futures
July 16, 2011 (Section
Section 2(a) of the
required to provide by rule
Trading Commission
712(e) requires that al
Commodity Exchange
for the public availability of
mandatory Title VII CFTC
Act (7 U.S.C. 2(a)))
swap transaction and
and SEC rules (other than
pricing data as follows….”
those issued jointly) be
promulgated within 360
days after the date of
enactment, unless another
provision states otherwise.)
Section 728 (amending
“…shall adopt rules
Commodity Futures
July 16, 2011 (Section
the Commodity
governing persons that are
Trading Commission
712(e) requires that al
Exchange Act by
registered under this
mandatory Title VII CFTC
inserting a new section
section” (on swap data
and SEC rules (other than
after section 20 (7
repositories).
those issued jointly) be
U.S.C. 24))
promulgated within 360
days after the date of
enactment, unless another
provision states otherwise.)
Section 729 (amending
“…shall promulgate an
Commodity Futures
October 19, 2010 (Within
the Commodity
interim final rule…
Trading Commission
90 days of the date of
Exchange Act after
providing for the reporting
enactment.)
section 4q (7 U.S.C. 6o-
of each swap entered into
1))
before the date of
enactment,” the terms of
which were in effect as of
that date.
Congressional Research Service
37

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 731 (amending
“…shall adopt rules
Commodity Futures
July 16, 2011 (Section
the Commodity
governing reporting and
Trading Commission
712(e) requires that al
Exchange Act (7 U.S.C. 1 recordkeeping for swap
mandatory Title VII CFTC
et seq.))
dealers and major swap
and SEC rules (other than
participants.”
those issued jointly) be
promulgated within 360
days after the date of
enactment, unless another
provision states otherwise.)
Section 731 (amending
“…shall adopt rules for
Commodity Futures
July 16, 2011 (Section
the Commodity
persons that are registered
Trading Commission
712(e) requires that al
Exchange Act (7 U.S.C. 1 as swap dealers or major
mandatory Title VII CFTC
et seq.))
swap participants under
and SEC rules (other than
this section” (on
those issued jointly) be
registration and regulation
promulgated within 360
of swap dealers and major
days after the date of
swap participants).
enactment, unless another
provision states otherwise.)
Section 731 (amending
“… shall prescribe rules
Commodity Futures
July 16, 2011 (Section
the Commodity
under this subsection
Trading Commission
712(e) requires that al
Exchange Act (7 U.S.C. 1 governing business conduct
mandatory Title VII CFTC
et seq.))
standards for swap dealers
and SEC rules (other than
and major swap
those issued jointly) be
participants.”
promulgated within 360
days after the date of
enactment, unless another
provision states otherwise.)
Section 731 (amending
“…shall jointly adopt rules
The prudential regulators,
July 16, 2011 (Section
the Commodity
for swap dealers and major
in consultation with the
712(e) requires that al
Exchange Act (7 U.S.C. 1 swap participants, with
Commodity Futures
mandatory Title VII CFTC
et seq.))
respect to their activities as Trading Commission and
and SEC rules (other than
a swap dealer or major
the Securities and Exchange those issued jointly) be
swap participant, for which
Commission
promulgated within 360
there is a prudential
days after the date of
regulator imposing (i)
enactment, unless another
capital requirements; and
provision states otherwise.)
(ii) both initial and variation
margin requirements on all
swaps that are not cleared
by a registered derivatives
clearing organization.”
Section 731 (amending
“…shall adopt rules for
Commodity Futures
July 16, 2011 (Section
the Commodity
swap dealers and major
Trading Commission
712(e) requires that al
Exchange Act (7 U.S.C. 1 swap participants, with
mandatory Title VII CFTC
et seq.))
respect to their activities as
and SEC rules (other than
a swap dealer or major
those issued jointly) be
swap participant, for which
promulgated within 360
there is not a prudential
days after the date of
regulator imposing (i)
enactment, unless another
capital requirements; and
provision states otherwise.)
(ii) both initial and variation
margin requirements on all
swaps that are not cleared
by a registered derivatives
clearing organization.”
Congressional Research Service
38

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 731 (amending
“…shall prescribe rules
Commodity Futures
July 16, 2011 (Section
the Commodity
under this subsection
Trading Commission
712(e) requires that al
Exchange Act (7 U.S.C. 1 governing duties of swap
mandatory Title VII CFTC
et seq.))
dealers and major swap
and SEC rules (other than
participants.”
those issued jointly) be
promulgated within 360
days after the date of
enactment, unless another
provision states otherwise.)
Section 731 (amending
“…shall adopt rules
Commodity Futures
July 16, 2011 (Section
the Commodity
governing daily trading
Trading Commission
712(e) requires that al
Exchange Act (7 U.S.C. 1 records for swap dealers
mandatory Title VII CFTC
et seq.))
and major swap
and SEC rules (other than
participants.”
those issued jointly) be
promulgated within 360
days after the date of
enactment, unless another
provision states otherwise.)
Section 731 (amending
“…shall prescribe rules
Commodity Futures
July 16, 2011 (Section
the Commodity
under this subsection
Trading Commission
712(e) requires that al
Exchange Act (7 U.S.C. 1 governing business conduct
mandatory Title VII CFTC
et seq.))
standards for swap dealers
and SEC rules (other than
and major swap
those issued jointly) be
participants.”
promulgated within 360
days after the date of
enactment, unless another
provision states otherwise.)
Section 731 (amending
“…shall adopt rules
Commodity Futures
July 16, 2011 (Section
the Commodity
governing documentation
Trading Commission
712(e) requires that al
Exchange Act (7 U.S.C. 1 standards for swap dealers
mandatory Title VII CFTC
et seq.))
and major swap
and SEC rules (other than
participants.”
those issued jointly) be
promulgated within 360
days after the date of
enactment, unless another
provision states otherwise.)
Section 733 (amending
“…shall prescribe rules
Commodity Futures
July 16, 2011 (Section
the Commodity
governing the regulation of
Trading Commission
712(e) requires that al
Exchange Act by
alternative swap execution
mandatory Title VII CFTC
inserting after section 5g facilities under this
and SEC rules (other than
(7 U.S.C. 7b-2) a new
section.”
those issued jointly) be
Section 5h on “Swap
promulgated within 360
Execution Facilities”)
days after the date of
enactment, unless another
provision states otherwise.)
Congressional Research Service
39

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 737(a)(4)
“…shall by rule, regulation,
Commodity Futures
July 16, 2011 (Section
(amending Section 4a(a)
or order establish limits on
Trading Commission
712(e) requires that al
of the Commodity
the amount of positions, as
mandatory Title VII CFTC
Exchange Act (7 U.S.C.
appropriate, other than
and SEC rules (other than
6a(a)))
bona fide hedge positions,
those issued jointly) be
that may be held by any
promulgated within 360
person with respect to
days after the date of
contracts of sale for future
enactment, unless another
delivery or with respect to
provision states otherwise.)
options on the contracts or
commodities traded on or
subject to the rules of a
designated contract
market.”
Section 737(a)(4)
“…shall, by rule or
Commodity Futures
July 16, 2011 (Section
(amending Section 4a(a)
regulation, establish limits
Trading Commission
712(e) requires that al
of the Commodity
(including related hedge
mandatory Title VII CFTC
Exchange Act (7 U.S.C.
exemption provisions) on
and SEC rules (other than
6a(a)))
the aggregate number or
those issued jointly) be
amount of positions in
promulgated within 360
contracts based upon the
days after the date of
same underlying
enactment, unless another
commodity (as defined by
provision states otherwise.)
the Commission) that may
be held by any person….”
Section 761 (amending
“…shall define, by rule or
Securities and Exchange
July 16, 2011 (Section
Section 3(a) of the
regulation, the term
Commission
712(e) requires that al
Securities Exchange Act
‘substantial position' at the
mandatory Title VII CFTC
of 1934, 15 U.S.C.
threshold that the
and SEC rules (other than
78c(a))
Commission determines to
those issued jointly) be
be prudent for the effective
promulgated within 360
monitoring, management,
days after the date of
and oversight of entities
enactment, unless another
that are systemically
provision states
important or can
otherwise.).
significantly impact the
financial system of the
United States.”
Section 761 (amending
“…shall exempt from
Securities and Exchange
July 16, 2011 (Section
Section 3(a) of the
designation as a security-
Commission
712(e) requires that al
Securities Exchange Act
based swap dealer an entity
mandatory Title VII CFTC
of 1934, 15 U.S.C.
that engages in a de
and SEC rules (other than
78c(a))
minimis quantity of security
those issued jointly) be
based swap dealing in
promulgated within 360
connection with
days after the date of
transactions with or on
enactment, unless another
behalf of its customers. The
provision states otherwise.)
Commission shall
promulgate regulations to
establish factors with
respect to the making of
any determination to
exempt.”
Congressional Research Service
40

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 763(a)
“…shall prescribe rules
Securities and Exchange
July 16, 2011 (Section
(amending the Securities
under this section (and
Commission
712(e) requires that al
Exchange Act of 1934
issue interpretations of
mandatory Title VII CFTC
(15 U.S.C. 78a et seq.))
rules prescribed under this
and SEC rules (other than
section), as determined by
those issued jointly) be
the Commission to be
promulgated within 360
necessary to prevent
days after the date of
evasions of the mandatory
enactment, unless another
clearing requirements
provision states otherwise.)
under this Act.”
Section 763(a)
“…shall adopt rules for a
Securities and Exchange
July 21, 2011 (Within one
(amending the Securities
clearing agency’s
Commission
year after the date of
Exchange Act of 1934
submission for review,
enactment.)
(15 U.S.C. 78a et seq.))
pursuant to this subsection,
of a security-based swap,
or a group, category, type,
or class of security-based
swaps, that it seeks to
accept for clearing.”
Section 763(b)
“…shall adopt rules
Securities and Exchange
July 16, 2011 (Section
(amending Section 17A
governing persons that are
Commission
712(e) requires that al
of the Securities
registered as clearing
mandatory Title VII CFTC
Exchange Act of 1934
agencies for security-based
and SEC rules (other than
(15 U.S.C. 78q-1))
swaps under this title.”
those issued jointly) be
promulgated within 360
days after the date of
enactment, unless another
provision states otherwise.)
Section 763(c)
“…shall prescribe rules
Securities and Exchange
July 16, 2011 (Section
(amending the Securities
governing the regulation of
Commission
712(e) requires that al
Exchange Act of 1934
security-based swap
mandatory Title VII CFTC
(15 U.S.C. 78a et seq.))
execution facilities under
and SEC rules (other than
this section.”
those issued jointly) be
promulgated within 360
days after the date of
enactment, unless another
provision states otherwise.)
Section 763(g)
“…shall, for the purposes
Securities and Exchange
July 16, 2011 (Section
(amending Section 9 of
of this subsection, by rules
Commission
712(e) requires that al
the Securities Exchange
and regulations define, and
mandatory Title VII CFTC
Act of 1934 (15 U.S.C.
prescribe means reasonably
and SEC rules (other than
78i))
designed to prevent, such
those issued jointly) be
transactions, acts, practices,
promulgated within 360
and courses of business as
days after the date of
are fraudulent, deceptive,
enactment, unless another
or manipulative, and such
provision states otherwise.)
quotations as are
fictitious.”
Congressional Research Service
41

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 763(i) (amending “…shall adopt rules
Securities and Exchange
July 16, 2011 (Section
Section 13 of the
governing persons that are
Commission
712(e) requires that al
Securities Exchange Act
registered under this
mandatory Title VII CFTC
of 1934 (15 U.S.C. 78m)) subsection.”
and SEC rules (other than
those issued jointly) be
promulgated within 360
days after the date of
enactment, unless another
provision states otherwise.)
Section 764 (amending
“… shall issue rules under
Securities and Exchange
July 21, 2011 (Within one
Securities Exchange Act
this section to provide for
Commission
year after the date of
of 1934 (15 U.S.C. 78a
the registration of security-
enactment.)
et seq.) creating a new
based swap dealers and
Section 15F)
major security-based swap
participants.”
Section 766(a)
“…shall promulgate an
Securities and Exchange
October 19, 2010 (Within
(amending the Securities
interim final rule…
Commission
90 days of the date of
Exchange Act of 1934
providing for the reporting
enactment.)
(15 U.S.C. 78a et seq.))
of each security-based
swap entered into before
the date of enactment,” the
terms of which had not
expired as of that date.
Section 805(a)1)
“…by rule or order… shal
Board of Governors
None
prescribe risk management
standards, taking into
consideration relevant
international standards and
existing prudential
requirements,
governing….”
Section 806(e)(1)(B)
“…shall prescribe
Each supervisory agency, in
None
regulations that define and
consultation with the
describe the standards for
Board of Governors
determining when notice
(of proposed changes to a
designated financial market
utility’s rules, procedures
or operations) is required
to be provided under
subparagraph (A).”
Section 915 (amending
“…shall, by regulation,
Securities and Exchange
None
Section 4 of the
establish procedures
Commission
Securities Exchange Act
requiring a formal response
of 1934 (15 U.S.C. 78d))
to al recommendations
submitted to the
Commission by the
Investor Advocate, not
later than 3 months after
the date of such
submission.”
Congressional Research Service
42

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 916(a)
“…shall promulgate rules
Securities and Exchange
January 17, 2011 (Within
(amending Section 19(b)
setting forth the procedural Commission, after
180 days after enactment.)
of the Securities
requirements of the
consultation with other
Exchange Act of 1934
proceedings required under regulatory agencies
(15 U.S.C. 78s(b)))
this paragraph.
Section 924
“…shall issue final
Securities and Exchange
April 17, 2011 (Within 270
regulations implementing
Commission
days after the date of
the provisions of section
enactment.)
21F of the Securities
Exchange Act of 1934, as
added by this subtitle....”
Section 926
“…shall issue rules for the
Securities and Exchange
July 21, 2011 (Within one
disqualification of offerings
Commission
year after the date of
and sales of securities made
enactment.)
under section 230.506 of
title 17, Code of Federal
Regulations….”
Section 929W
“…shal revise its
Securities and Exchange
None
(amending Section 17A
regulations in section
Commission
of the Securities
240.17Ad-17 of title 17,
Exchange Act of 1934
Code of Federal
(15 U.S.C. 78q-1))
Regulations, as in effect on
December 8, 1997, to
extend the application of
such section to brokers
and dealers and to provide
for the following….”
Section 929X(a)
“…shall prescribe rules
Securities and Exchange
None
(amending Section 13(f)
providing for the public
Commission
of the Securities
disclosure of the name of
Exchange Act of 1934
the issuer and the title,
(15 U.S.C. 78m(f)))
class, CUSIP number,
aggregate amount of the
number of short sales of
each security, and any
additional information
determined by the
Commission following the
end of the reporting
period. At a minimum, such
public disclosure shall
occur every month.”
Section 932(a)(2)(B)
“…shall prescribe rules
Securities and Exchange
July 21, 2011 (Per Section
(amending Section 15E
requiring each national y
Commission
937, within one year of the
of the Securities
recognized statistical rating
date of enactment.)
Exchange Act of 1934
organization to submit to
(15 U.S.C. 78o-7))
the Commission an annual
internal controls report,
which shall contain….”
Congressional Research Service
43

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 932(a)(8)
“…shall adopt rules
Securities and Exchange
July 21, 2011 (Per Section
(amending Section 15E
requiring a national y
Commission
937, within one year of the
of the Securities
recognized statistical rating
date of enactment.)
Exchange Act of 1934
organization…to disclose
(15 U.S.C. 78o-7))
the certification described
in subparagraph (B) to the
public in a manner that
allows the public to
determine the adequacy
and level of due diligence
services provided by a third
party.”
Section 932(a)(4)
“…shall issue rules to
Securities and Exchange
July 21, 2011 (Per Section
(amending Section 15E
prevent the sales and
Commission
937, within one year of the
of the Securities
marketing considerations of
date of enactment.)
Exchange Act of 1934
a nationally recognized
(15 U.S.C. 78o–7))
statistical rating
organization from
influencing the production
of ratings by the national y
recognized statistical rating
organization.” (Goes on to
detail contents)
Section 932(a)(8)
“…shall (A) establish, by
Securities and Exchange
July 21, 2011 (Per Section
(amending Section 15E
rule, fines, and other
Commission
937, within one year of the
of the Securities
penalties applicable to any
date of enactment.)
Exchange Act of 1934
nationally recognized
(15 U.S.C. 78o–7))
statistical rating
organization that violates
the requirements of this
section and the rules
thereunder; and (B) issue
such rules as may be
necessary to carry out this
section.”
Section 932(a)(8)
“…shall, by rule, require
Securities and Exchange
July 21, 2011 (Per Section
(amending Section 15E
that each national y
Commission
937, within one year of the
of the Securities
recognized statistical rating
date of enactment.)
Exchange Act of 1934
organization publicly
(15 U.S.C. 78o–7))
disclose information on the
initial credit ratings
determined by the
nationally recognized
statistical rating
organization for each type
of obligor, security, and
money market instrument,
and any subsequent
changes to such credit
ratings….”
Congressional Research Service
44

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 932(a)(8)
“….shall prescribe rules,
Securities and Exchange
July 21, 2011 (Per Section
(amending Section 15E
for the protection of
Commission
937, within one year of the
of the Securities
investors and in the public
date of enactment.)
Exchange Act of 1934
interest, with respect to
(15 U.S.C. 78o–7))
the procedures and
methodologies, including
qualitative and quantitative
data and models, used by
nationally recognized
statistical rating
organizations that require
each nationally recognized
statistical rating
organization….”
Section 932(a)(8)
“…shall require, by rule,
Securities and Exchange
July 21, 2011 (Per Section
(amending Section 15E
each nationally recognized
Commission
937, within one year of the
of the Securities
statistical rating
date of enactment.)
Exchange Act of 1934
organization to prescribe a
(15 U.S.C. 78o–7))
form to accompany the
publication of each credit
rating that discloses….”
Section 936
“…shall issue rules that are Securities and Exchange
July 21, 2011 (Per Section
reasonably designed to
Commission
937, within one year of the
ensure that any person
date of enactment.)
employed by a national y
recognized statistical rating
organization to perform
credit ratings—(1) meets
standards of training,
experience, and
competence necessary to
produce accurate ratings
for the categories of issuers
whose securities the
person rates; and (2) is
tested for knowledge of the
credit rating process.”
Section 938
“…shal require, by rule,
Securities and Exchange
July 21, 2011 (Per Section
each nationally recognized
Commission
937, within one year of the
statistical rating
date of enactment.)
organization to establish,
maintain, and enforce
written policies and
procedures that….”
Section 939B
“…shall revise Regulation
Securities and Exchange
October 19, 2010 (Within
FD (17 C.F.R. 243.100) to
Commission
90 days of the date of
remove from such
enactment.)
regulation the exemption
for entities whose primary
business is the issuance of
credit ratings (17 C.F.R.
243.100(b)(2)(iii)).”
Congressional Research Service
45

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 941(b)
“…shall jointly prescribe
Federal banking agencies
April 17, 2011 (Within 270
(amending the Securities
regulations to require any
and the Securities and
days after the date of
Exchange Act of 1934
securitizer to retain an
Exchange Commission
enactment.)
(15 U.S.C. 78a et seq.))
economic interest in a
portion of the credit risk
for any asset that the
securitizer, through the
issuance of an asset-backed
security, transfers, sel s, or
conveys to a third party.”
Section 941(b)
“…shall jointly issue
Federal banking agencies,
None. (However, all rules
(amending the Securities
regulations to exempt
the Securities and Exchange under this section become
Exchange Act of 1934
qualified residential
Commission, the Secretary
effective either one year or
(15 U.S.C. 78a et seq.))
mortgages from the risk
of Housing and Urban
two years after the date
retention requirements of
Development, and the
they are published.)
this subsection.”
Director of the Federal
Housing Finance Agency
Section 942(b)
“…shall adopt regulations
Securities and Exchange
None
(amending Section 7 of
under this subsection
Commission
the Securities Act of
requiring each issuer of an
1933 (15 U.S.C. 77g))
asset-backed security to
disclose, for each tranche
or class of security,
information regarding the
assets backing that
security.” (Goes on to
detail contents)
Section 943
“…shall prescribe
Securities and Exchange
January 17, 2011 (Within
regulations on the use of
Commission
180 days after enactment.)
representations and
warranties in the market
for asset-backed
securities…that….”
Section 945 (amending
“…shall issue rules relating
Securities and Exchange
January 17, 2011 (Within
Section 7 of the
to the registration
Commission
180 days after enactment.)
Securities Act of 1933
statement required to be
(15 U.S.C. 77g)
filed by any issuer of an
asset-backed security (as
that term is defined in
section 3(a)(77) of the
Securities Exchange Act of
1934) that require any
issuer of an asset-backed
security—(1) to perform a
review of the assets
underlying the asset backed
security; and (2) to disclose
the nature of the review
under paragraph (1).”
Congressional Research Service
46

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 951 (amending
“…the person making such
Securities and Exchange
January 21, 2011 (Rule
the Securities Exchange
solicitation shall disclose in
Commission
must be in place six months
Act of 1934 (15 U.S.C.
the proxy or consent
after the date of
78a et seq.))
solicitation material, in a
enactment.)
clear and simple form in
accordance with
regulations to be
promulgated by the
Commission, any
agreements or
understandings that.….”
Section 952(a)
“…shall, by rule, direct the
Securities and Exchange
None
(amending the Securities
national securities
Commission
Exchange Act of 1934
exchanges and national
(15 U.S.C. 78 et seq.))
securities associations to
prohibit the listing of any
equity security of an issuer
(other than certain ones)
that does not comply with
the requirements of this
subsection.”
Section 952(a)
“…shall, by rule, direct the
Securities and Exchange
July 16, 2011 (Within 360
(amending the Securities
national securities
Commission
days after the date of
Exchange Act of 1934
exchanges and national
enactment.)
(15 U.S.C. 78 et seq.))
securities associations to
prohibit the listing of any
security of an issuer that is
not in compliance with the
requirements of this
section.”
Section 953(a)
“…shall, by rule, require
Securities and Exchange
None
(amending Section 14 of
each issuer to disclose in
Commission
the Securities Exchange
any proxy or consent
Act of 1934 (15 U.S.C.
solicitation material for an
78n))
annual meeting of the
shareholders of the issuer a
clear description of any
compensation required to
be disclosed by the issuer
under section 229.402 of
title 17, Code of Federal
Regulations….”
Section 953(b)
“…shall amend section
Securities and Exchange
None
229.402 of title 17, Code Commission
of Federal Regulations, to
require each issuer to
disclose in any filing of the
issuer …(certain
compensation levels and
ratios)….”
Congressional Research Service
47

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 954 (amending
“…shall, by rule, direct the
Securities and Exchange
None
the Securities Exchange
national securities
Commission
Act of 1934 after section exchanges and national
10C)
securities associations to
prohibit the listing of any
security of an issuer that
does not comply with the
requirements of this
section.”
Section 955 (amending
“…shall, by rule, require
Securities and Exchange
None
Section 14 of the
each issuer to disclose in
Commission
Securities Exchange Act
any proxy or consent
of 1934 (15 U.S.C. 78n))
solicitation material for an
annual meeting of the
shareholders of the issuer
whether any employee or
member of the board of
directors of the issuer, or
any designee of such
employee or member, is
permitted to purchase
financial instruments…that
are designed to hedge or
offset any decrease in the
market value of equity
securities….”
Section 956(a)
“…shall prescribe
The “appropriate Federal
April 21, 2011 (Within nine
regulations or guidelines to
regulators….”
months after the date of
require each covered
enactment.)
financial institution to
disclose to the appropriate
Federal regulator the
structures of all incentive-
based compensation
arrangements offered by
such covered financial
institutions….”
Section 956(b)
“…shall jointly prescribe
The “appropriate Federal
April 21, 2011 (Within nine
regulations or guidelines
regulators….”
months after the date of
that prohibit any types of
enactment.)
incentive-based payment
arrangement, or any
feature of any such
arrangement, that the
regulators determine
encourages inappropriate
risks by covered financial
institutions….”
Congressional Research Service
48

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 972 (amending
“…shall issue rules that
Securities and Exchange
January 17, 2011 (Within
Securities Exchange Act
require an issuer to
Commission
180 days of the date of
of 1934 (15 U.S. C. 78a
disclose in the annual proxy
enactment.)
et seq.) creating a new
sent to investors the
Section 14B)
reasons why the issuer has
chosen—(1) the same
person to serve as
chairman of the board of
directors and chief
executive officer (or in
equivalent positions); or (2)
different individuals to
serve as chairman of the
board of directors and
chief executive officer (or
in equivalent positions of
the issuer).”
Section 984(b)
“…shal promulgate rules
Securities and Exchange
July 21, 2012 (Within 2
that are designed to
Commission
years after the date of
increase the transparency
enactment.)
of information available to
brokers, dealers, and
investors, with respect to
the loan or borrowing of
securities.”
Section 1022(c)(6)(A)
“…shall prescribe rules
Consumer Financial
None
regarding the confidential
Protection Bureau
treatment of information
obtained from persons in
connection with the
exercise of its authorities
under Federal consumer
financial law.”
Section 1024(a)(2)
“…shal consult with the
Consumer Financial
July 21, 2012 (“Initial rule”
Federal Trade Commission
Protection Bureau, in
required within one year
prior to issuing a rule, in
consultation with the
after the designated
accordance with paragraph
Federal Trade Commission
transfer date.)
(1)(B), to define covered
persons subject to this
section…” (on
“Supervision of
Nondepository Covered
Persons”).
Section 1024(b)(7)(A)
“ ... shall prescribe rules to
Consumer Financial
None
facilitate supervision of
Protection Bureau
persons described in
subsection (a)(1) and
assessment and detection
of risks to consumers.”
Congressional Research Service
49

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 1025(e)(4)(E)
“…shall prescribe rules to
Consumer Financial
None
provide safeguards from
Protection Bureau and the
retaliation against the
“prudential regulators.”
insured depository
institution, insured credit
union, or other covered
person described in
subsection (a) instituting an
appeal under this
paragraph, as well as their
officers and employees.”
Section 1033(d)
“…by rule, shal prescribe
Consumer Financial
None
standards applicable to
Protection Bureau
covered persons to
promote the development
and use of standardized
formats for information,
including through the use
of machine readable files,
to be made available to
consumers under this
section” (on “Consumer
Rights to Access
Information”).
Section 1035(c)
“The Ombudsman
Consumer Financial
None
designated under this
Protection Bureau
subsection (re private
education loans) shall…in
accordance with
regulations of the Director,
receive, review, and
attempt to resolve
informally complaints from
borrowers of loans
described in subsection
(a)….”
Section 1041(c)(1)
“…shall issue a notice of
Consumer Financial
None
proposed rulemaking
Protection Bureau

whenever a majority of the
States has enacted a
resolution in support of the
establishment or
modification of a consumer
protection regulation by
the Bureau.”
Section 1042(c)
“…shal prescribe
Consumer Financial
None
regulations to implement
Protection Bureau
the requirements of this
section…” (on
“Preservation of
Enforcement Powers of the
States”).
Congressional Research Service
50

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 1053(e)
“…shall prescribe rules
Consumer Financial
None
establishing such
Protection Bureau
procedures as may be
necessary to carry out this
section” (on “Hearings and
Adjudication Proceedings”).
Section 1071(a)
“Each financial institution
Consumer Financial
None
(amending the Equal
shall compile and maintain,
Protection Bureau
Credit Opportunity Act
in accordance with
(15 U.S.C. 1691 et seq.)) regulations of the Bureau, a
record of the information
provided by any loan
applicant pursuant to a
request under subsection
(b).”
Section 1071(a)
“Information compiled and
Consumer Financial
None
(amending the Equal
maintained under this
Protection Bureau
Credit Opportunity Act
section (“Small Business
(15 U.S.C. 1691 et seq.)) Loan Data Collection”)
shall be—(A) retained for
not less than 3 years after
the date of preparation; (B)
made available to any
member of the public, upon
request, in the form
required under regulations
prescribed by the Bureau;
(C) annually made available
to the public general y by
the Bureau, in such form
and in such manner as is
determined by the Bureau,
by regulation.”
Section 1075(a)
“…shall prescribe
Board of Governors
April 21, 2011 (Within nine
(amending the Electronic regulations in final
months of the date of
Fund Transfer Act (15
form…to establish
enactment of the
U.S.C. 1693 et seq.))
standards for assessing
Consumer Financial
whether the amount of any
Protection Act of 2010.)
interchange transaction fee
described in paragraph (2)
is reasonable and
proportional to the cost
incurred by the issuer with
respect to the transaction.”
Congressional Research Service
51

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 1075(a)
“…shall ... prescribe
Board of Governors
July 21, 2011 (Within one
(amending the Electronic regulations providing that
year of the date of
Fund Transfer Act (15
an issuer or payment card
enactment.)
U.S.C. 1693 et seq.))
network shall not directly
or through any agent,
processor, or licensed
member of a payment card
network, by contract,
requirement, condition,
penalty, or otherwise,
restrict the number of
payment card networks on
which an electronic debit
transaction may be
processed….”
Section 1079(c)
“…shall, consistent with
Consumer Financial
July 21, 2014 (Rule or
subtitle B (“General
Protection Bureau
program must be
Powers of the Bureau”),
established within two
propose regulations or
years after the submission
otherwise establish a
of a report (which is
program to protect
required within one year of
consumers who use
the transfer date).)
exchange facilitators.”
Section 1083(a)
Bureau is required to
Consumer Financial
July 22, 2011 (Regulations
(amending the
determine whether the
Protection Bureau
to be promulgated “after
Alternative Mortgage
existing regulations
the designated transfer
Transaction Parity Act of applicable under paragraphs
date.)
1982 (12 U.S.C. 3801 et
(1) through (3) of
seq.))
subsection (a) are “fair and
not deceptive and
otherwise meet the
objectives of the Consumer
Financial Protection Act of
2010,” and “(3) promulgate
regulations under
subsection (a)(4)….”
Section 1084 (amending
“ ... shall prescribe rules to
Consumer Financial
None
the Electronic Fund
carry out the purposes of
Protection Bureau
Transfer Act (15 U.S.C.
this title” (with certain
1693 et seq.)
exceptions).
Section 1085(3)(F)
“…shall prescribe
Board of Governors
None
(amending the Equal
regulations to carry out the
Credit Opportunity Act
purposes of this title with
(15 U.S.C. 1691 et seq.)
respect to a person
described in section
1029(a) of the Consumer
Financial Protection Act of
2010.”
Section 1088(a)(9)
“…shall prescribe rules to
Consumer Financial
None
(amending the Fair
carry out this subsection”
Protection Bureau
Credit Reporting Act
(on amendments to the
(15 U.S.C. 1681 et seq.)
Fair Credit Reporting Act).
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 1088(a)(11)(C)
“…shall…prescribe
Consumer Financial
None
(amending the Fair
regulations requiring each
Protection Bureau
Credit Reporting Act
person that furnishes
(15 U.S.C. 1681 et seq.)) information to a consumer
reporting agency to
establish reasonable
policies and procedures for
implementing the guidelines
established pursuant to
subparagraph (A).”
Section 1088(b)(3)
“Regulations to carry out
Commodity Futures
None
section 624 of the Fair
Trading Commission,
Credit Reporting Act (15
Securities and Exchange
U.S.C. 1681s-3), shal be
Commission, and the
prescribed, as described in
Consumer Financial
paragraph (2), by….”
Protection Bureau
Section 1094(3)(B)
“…, shall develop
Consumer Financial
None
(amending the Home
regulations that” (establish
Protection Bureau, in
Mortgage Disclosure Act certain information
consultation with
of 1975 (12 U.S.C. 2801
collection and disclosure
“appropriate banking
et seq.))
requirements).
agencies,” the Federal
Deposit Insurance
Corporation, the National
Credit Union
Administration Board, and
the Secretary of Housing
and Urban Development.
Section 1094(3)(F)
“The data required to be
Consumer Financial
None
(amending the Home
disclosed under subsection
Protection Bureau
Mortgage Disclosure Act (b) shal be submitted to
of 1975 (12 U.S.C. 2801
the Bureau or to the
et seq.))
appropriate agency for any
institution reporting under
this title, in accordance
with regulations prescribed
by the Bureau.”
Section 1101(a)(6)
“… shal establish, by
Board of Governors, in
As soon as is practicable
(amending Section 13 of
regulation, …the policies
consultation with the
after the date of
the Federal Reserve Act
and procedures governing
Secretary of the Treasury
enactment.
(12 U.S.C. 343))
emergency lending under
this paragraph.”
Section 1105(b)(1)
“…the Corporation shall
Federal Deposit Insurance
As soon as is practicable
establish, by regulation…
Corporation, in
after the date of
policies and procedures
consultation with the
enactment.
governing the issuance of
Secretary of the Treasury
guarantees authorized by
this section.”
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 1402(a)
“…shall prescribe
Board of Governors
January 21, 2013 (Section
(amending Chapter 2 of
regulations requiring
1400(c) requires that al
the Truth in Lending Act depository institutions to
mandatory Title XIV rules
(15 U.S.C. 1631 et seq.)) establish and maintain
be issued within 18 months
procedures reasonably
after the transfer date, and
designed to assure and
be effective within 12
monitor the compliance of
months after issuance.)
such depository
institutions, the subsidiaries
of such institutions, and the
employees of such
institutions or subsidiaries
with the requirements of
this section and the
registration procedures
established under section
1507 of the Secure and Fair
Enforcement for Mortgage
Licensing Act of 2008.”
Section 1403 (amending
“…shall prescribe
Board of Governors
January 21, 2013 (Section
Section 129B of the
regulations to prohibit (A)
1400(c) requires that al
Truth in Lending Act (as
mortgage originators from
mandatory Title XIV rules
added by section
steering any consumer to a
be issued within 18 months
1402(a)))
residential mortgage loan
after the transfer date, and
that (has certain
be effective within 12
characteristics)….”
months after issuance.)
Section 1405(a)
“…shall, by regulations,
Board of Governors
January 21, 2013 (Section
(amending Section 129B
prohibit or condition
1400(c) requires that al
of the Truth in Lending
terms, acts or practices
mandatory Title XIV rules
Act)
relating to residential
be issued within 18 months
mortgage loans that the
after the transfer date, and
Board finds to be abusive,
be effective within 12
unfair, deceptive,
months after issuance.)
predatory, necessary or
proper to ensure that
responsible, affordable
mortgage credit remains
available to consumers….”
Section 1411(a)(2)
“In accordance with
Board of Governors
January 21, 2013 (Section
(amending Chapter 2 of
regulations prescribed by
1400(c) requires that al
the Truth in Lending Act the Board, no creditor may
mandatory Title XIV rules
(15 U.S.C. 1631 et seq.)) make a residential
be issued within 18 months
mortgage loan unless the
after the transfer date, and
creditor makes a
be effective within 12
reasonable and good faith
months after issuance.)
determination based on
verified and documented
information that…the
consumer has a reasonable
ability to repay the loan....”
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 1412 (amending
“…shall prescribe
Board of Governors
January 21, 2013 (Section
Section 129C of the
regulations to carry out the
1400(c) requires that al
Truth in Lending Act)
purposes of this
mandatory Title XIV rules
subsection” (re “safe
be issued within 18 months
harbor and rebuttable
after the transfer date, and
presumption”).
be effective within 12
months after issuance.)
Section 1412 (amending
“…shall prescribe rules
Board of Governors
January 21, 2013 (Section
Section 129C of the
adjusting the criteria under
1400(c) requires that al
Truth in Lending Act)
subparagraph (A)(vi ) in
mandatory Title XIV rules
order to permit lenders
be issued within 18 months
that extend smaller loans
after the transfer date, and
to meet the requirements
be effective within 12
of the presumption of
months after issuance.)
compliance under
paragraph (1).”
Section 1412 (amending
“…shall…prescribe rules
The Departments of
January 21, 2013 (Section
Section 129C of the
defining the types of loans
Housing and Urban
1400(c) requires that al
Truth in Lending Act)
they insure, guarantee, or
Development, Veterans
mandatory Title XIV rules
administer, as the case may
Affairs, and Agriculture;
be issued within 18 months
be, that are qualified
and the Rural Housing
after the transfer date, and
mortgages for purposes of
Service, in consultation
be effective within 12
paragraph (2)(A)….”
with the Board of
months after issuance.)
Governors
Section 1442 (amending
Office is responsible for
Office of Housing
January 21, 2013 (Section
Section 4 of the
“establishing rules
Counseling within the
1400(c) requires that al
Department of Housing
necessary for (i) the
Department of Housing
mandatory Title XIV rules
and Urban Development counseling procedures
and Urban Development
be issued within 18 months
Act (42 U.S.C. 3533))
under section 106(g)(1) of
after the transfer date, and
the Housing and Urban
be effective within 12
Development Act of 1968
months after issuance.)
(12 U.S.C. 1701x(h)(1));
and (i ) carrying out al
other functions of the
Secretary under section
106(g) of the Housing and
Urban Development Act of
1968.”
Section 1463(a)
“A servicer of a federally
Consumer Financial
January 21, 2013 (Section
(amending Section 6 of
related mortgage shall
Protection Bureau
1400(c) requires that al
the Real Estate
not…charge fees for
mandatory Title XIV rules
Settlement Procedures
responding to valid
be issued within 18 months
Act of 1974 (12 U.S.C.
qualified written requests
after the transfer date, and
2605))
(as defined in regulations
be effective within 12
which the Bureau of
months after issuance.)
Consumer Financial
Protection shall prescribe)
under this section” (or)
“fail to comply with any
other obligation found by
the Bureau of Consumer
Financial Protection, by
regulation, to be
appropriate to carry out
the consumer protection
purposes of this Act.”
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 1471 (amending
“…shall jointly prescribe
Board of Governors, the
January 21, 2013 (Section
Chapter 2 of the Truth
regulations to implement
Comptroller of the
1400(c) requires that al
in Lending Act (15
this section” (“Property
Currency, the Federal
mandatory Title XIV rules
U.S.C. 1631 et seq.))
Appraisal Requirements”).
Deposit Insurance
be issued within 18 months
It goes on to say that the
Corporation, the National
after the transfer date, and
agencies “may jointly
Credit Union
be effective within 12
exempt, by rule, a class of
Administration Board, the
months after issuance.)
loans from the
Federal Housing Finance
requirements of this
Agency, and the Consumer
subsection or subsection
Financial Protection Bureau
(a) if the agencies
determine that the
exemption is in the public
interest and promotes the
safety and soundness of
creditors.”
Section 1471 (amending
“…shall jointly prescribe
Board of Governors, the
January 21, 2013 (Section
Chapter 2 of the Truth
regulations to implement
Comptroller of the
1400(c) requires that al
in Lending Act (15
this section” (on property
Currency, the Federal
mandatory Title XIV rules
U.S.C. 1631 et seq.)
appraisal requirements).
Deposit Insurance
be issued within 18 months
Corporation, the National
after the transfer date, and
Credit Union
be effective within 12
Administration Board, the
months after issuance.)
Federal Housing Finance
Agency, and the Consumer
Financial Protection Bureau
Section 1472(a)
“…shall, for purposes of
Board of Governors
October 19, 2010 (Rule is
(amending Chapter 2 of
this section, prescribe
required “no later than 90
the Truth in Lending Act interim final regulations
days after the date of
(15 U.S.C. 1631 et seq.)) defining with specificity acts
enactment of this section.”)
or practices that violate
appraisal independence in
Also, “Effective on the date
the provision of mortgage
the interim final regulations
lending services for a
are promulgated pursuant
consumer credit
to subsection (g), the
transaction secured by the
Home Valuation Code of
principal dwelling of the
Conduct announced by the
consumer or mortgage
Federal Housing Finance
brokerage services for such
Agency on December 23,
a transaction and defining
2008, shal have no force
any terms in this section or
or effect.”
such regulations.”
Section 1473(f)(2)
“…shall jointly promulgate
Board of Governors, the
January 21, 2013 (Section
(amending Title XI of
regulations for the
Comptroller of the
1400(c) requires that al
the Financial Institutions
reporting of the activities
Currency, the Federal
mandatory Title XIV rules
Reform, Recovery, and
of appraisal management
Deposit Insurance
be issued within 18 months
Enforcement Act of
companies to the Appraisal
Corporation, the National
after the transfer date, and
1989 (12 U.S.C. 3331 et
Subcommittee in
Credit Union
be effective within 12
seq.))
determining the payment of Administration Board, the
months after issuance.)
the annual registry fee.”
Federal Housing Finance
Agency, and the Consumer
Financial Protection Bureau
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 1473(f)(2)
“…shall jointly, by rule,
Board of Governors, the
January 21, 2013 (Section
(amending Title XI of
establish minimum
Comptroller of the
1400(c) requires that al
the Financial Institutions
requirements to be applied
Currency, the Federal
mandatory Title XIV rules
Reform, Recovery, and
by a State in the
Deposit Insurance
be issued within 18 months
Enforcement Act of
registration of appraisal
Corporation, the National
after the transfer date, and
1989 (12 U.S.C. 3331 et
management companies.”
Credit Union
be effective within 12
seq.))
Administration Board, the
months after issuance.)
Federal Housing Finance
Agency, and the Consumer
Financial Protection Bureau
Section 1473(q)
“…shall promulgate
Board of Governors, the
January 21, 2013 (Section
(amending Title XI of
regulations to implement
Comptroller of the
1400(c) requires that al
the Financial Institutions
the quality control
Currency, the Federal
mandatory Title XIV rules
Reform, Recovery, and
standards required under
Deposit Insurance
be issued within 18 months
Enforcement Act of
this section” (on automated Corporation, the National
after the transfer date, and
1989 (12 U.S.C. 3331 et
valuation models used to
Credit Union
be effective within 12
seq.))
estimate col ateral value for Administration Board, the
months after issuance.)
mortgage lending
Federal Housing Finance
purposes).
Agency, and the Consumer
Financial Protection Bureau
Section 1483(b)(2)
Secretary is required to
Secretary of the Treasury
January 21, 2013 (Section
make data tables available
1400(c) requires that al
to the public at the
mandatory Title XIV rules
individual record level, and
be issued within 18 months
“shall issue regulations
after the transfer date, and
prescribing—(A) the
be effective within 12
procedures for disclosing
months after issuance.)
such data to the public; and
(B) such deletions as the
Secretary may determine
to be appropriate to
protect any privacy interest
of any mortgage
modification applicant,
including the deletion or
alteration of the applicant’s
name and identification
number.”
Section 1502(b)
“…shall promulgate
Securities and Exchange
April 17, 2011 (Within 270
(amending Section 13 of
regulations requiring any
Commission
days after the date of
the Securities Exchange
person described in
enactment.)
Act of 1934 (15 U.S.C.
paragraph (2) to disclose
78m)
annual y, beginning with the
person's first ful fiscal year
that begins after the date of
promulgation of such
regulations, whether
conflict minerals that are
necessary as described in
paragraph (2)(B), in the
year for which such
reporting is required, did
originate in the Democratic
Republic of the Congo or
an adjoining country….”
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 1504 (amending
“…shall issue final rules
Securities and Exchange
April 17, 2011 (Within 270
Section 13 of the
that require each resource
Commission
days after the date of
Securities Exchange Act
extraction issuer to include
enactment.)
of 1934 (15 U.S.C. 78m)) in an annual report of the
resource extraction issuer
information relating to any
payment made by the
resource extraction issuer,
a subsidiary of the resource
extraction issuer, or an
entity under the control of
the resource extraction
issuer to a foreign
government or the Federal
Government for the
purpose of the commercial
development of oil, natural
gas, or minerals….”

Congressional Research Service
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Appendix B. Discretionary Rulemaking Provisions
Table 4 below lists provisions in the Dodd-Frank Act that permit, but do not require, agencies to
issue certain rules (e.g., stating that the agency or agencies “may” establish, promulgate, or issue
rules or regulations on a particular topic).
Table B-1. Discretionary Rulemaking Provisions in the Dodd-Frank Act
Section
Text of the Provision
Agency
Deadline
Section 102(a)(7)
“The terms ‘significant nonbank financial
Board of
None
company’ and ‘significant bank holding
Governors
company’ have the meanings given those
terms by rule of the Board of
Governors,”
Section 121(d)
“…may prescribe regulations regarding
Board of
January 22, 2012 (Per
the application of this section
Governors
Section 168, unless
(‘Mitigation of Risks to Financial
otherwise specified,
Stability’) to foreign nonbank financial
Board of Governors’ final
companies supervised by the Board of
rules in subtitles A and C
Governors and foreign-based bank
must be issued within 18
holding companies....”
months of the act’s
effective date.)
Section 165(c)(1)
“ ... may issue regulations that require
Board of
July 22, 2012
each nonbank financial company
Governors
(Subsequent to
supervised by the Board of Governors
submission by the
and bank holding companies described in
Financial Stability
subsection (a) to maintain a minimum
Oversight Council of a
amount of contingent capital that is
report to Congress.
convertible to equity in times of financial
Report required within
stress.”
two years after
enactment.)
Section 165(d)(1)(D)
Requires the collection of information
Board of
January 22, 2012 (Per
regarding “rapid and orderly resolution
Governors and the
Section 168, unless
in the event of material financial distress
Federal Deposit
otherwise specified,
or failure,” which shall include certain
Insurance
Board of Governors’ final
items as well as any other information
Corporation
rules in subtitles A and C
jointly specified “by rule or order.”
must be issued within 18
months of the act’s
effective date.)
Section 165(e)(3)(F)
The definition of “credit exposure”
Board of
January 22, 2012 (Per
includes “any other similar transactions
Governors
Section 168, unless
that the Board of Governors, by
otherwise specified,
regulation, determines to be a credit
Board of Governors’ final
exposure for purposes of this section.”
rules in subtitles A and C
must be issued within 18
months of the act’s
effective date.)
Per Section 165(e)(7),
the rules cannot take
effect for at least three
years after the date of
enactment.
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 165(e)(5)
.”…may issue such regulations and
Board of
January 22, 2012 (Per
orders, including definitions consistent
Governors
Section 168, unless
with this section, as may be necessary to
otherwise specified,
administer and carry out this
Board of Governors’ final
subsection” (on “Concentration
rules in subtitles A and C
Limits”).
must be issued within 18
months of the act’s

effective date.)
Per Section 165(e)(7),
the rules cannot take
effect for at least three
years after the date of
enactment.
Section 165(e)(6)
“…may, by regulation or order, exempt
Board of
January 22, 2012 (Per
transactions, in whole or in part, from
Governors
Section 168, unless
the definition of the term ‘credit
otherwise specified,
exposure’ for purposes of this
Board of Governors’ final
subsection, if the Board of Governors
rules in subtitles A and C
finds that the exemption is in the public
must be issued within 18
interest and is consistent with the
months of the act’s
purpose of this subsection.”
effective date.)
Per Section 165(e)(7),
the rules cannot take
effect for at least three
years after the date of
enactment.
Section 165(f)
“ ... may prescribe, by regulation,
Board of
January 22, 2012 (Per
periodic public disclosures by nonbank
Governors
Section 168, unless
financial companies supervised by the
otherwise specified,
Board of Governors and bank holding
Board of Governors’ final
companies described in subsection (a) in
rules in subtitles A and C
order to support market evaluation of
must be issued within 18
the risk profile, capital adequacy, and
months of the act’s
risk management capabilities thereof.
effective date.)
Section 165(g)(1)
“ ... may, by regulation, prescribe a limit
Board of
January 22, 2012 (Per
on the amount of short-term debt,
Governors
Section 168, unless
including off-balance sheet exposures,
otherwise specified,
that may be accumulated by any bank
Board of Governors’ final
holding company described in subsection
rules in subtitles A and C
(a) and any nonbank financial company
must be issued within 18
supervised by the Board of Governors.”
months of the act’s
effective date.)
Section 165(g)(3)
“For purposes of this subsection, the
Board of
January 22, 2012 (Per
term ‘short-term debt’ means such
Governors
Section 168, unless
liabilities with short-dated maturity that
otherwise specified,
the Board of Governors identifies, by
Board of Governors’ final
regulation, except that such term does
rules in subtitles A and C
not include insured deposits.”
must be issued within 18
months of the act’s
effective date.)
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 165(g)(4)
“ ... may prescribe such regulations,
Board of
January 22, 2012 (Per
including definitions consistent with this
Governors
Section 168, unless
subsection, and issue such orders, as
otherwise specified,
may be necessary to carry out this
Board of Governors’ final
subsection.”
rules in subtitles A and C
must be issued within 18
months of the act’s
effective date.)
Section 165(h)(2)(B)
(Under the heading “Permissive
Board of
January 22, 2012 (Per
Regulations”) “... may require each bank
Governors
Section 168, unless
holding company that is a publicly traded
otherwise specified,
company and that has total consolidated
Board of Governors’ final
assets of less than $10,000,000,000 to
rules in subtitles A and C
establish a risk committee, as set forth in
must be issued within 18
paragraph (3), as determined necessary
months of the act’s
or appropriate by the Board of
effective date.)
Governors to promote sound risk
management practices.”
Section 165(k)(3)
“The term ‘off-balance-sheet activities’
Board of
January 22, 2012 (Per
means an existing liability of a company
Governors
Section 168, unless
that is not currently a balance sheet
otherwise specified,
liability, but may become one upon ...
Board of Governors’ final
such other activities or transactions as
rules in subtitles A and C
the Board of Governors may, by rule,
must be issued within 18
define.”
months of the act’s
effective date.)
Section 167(b)(1)(A)
“ ... may require (certain companies) to
Board of
January 22, 2012 (Per
establish and conduct al or a portion of
Governors
Section 168, unless
such activities that are determined to be
otherwise specified,
financial in nature or incidental thereto
Board of Governors’ final
in or through an intermediate holding
rules in subtitles A and C
company established pursuant to
must be issued within 18
regulation of the Board of Governors,
months of the act’s
not later than 90 days (or such longer
effective date.)
period as the Board of Governors may
deem appropriate) after the date on
which the nonbank financial company
supervised by the Board of Governors is
notified of the determination of the
Board of Governors under this section.”
Section 167(c)(2)
“... may promulgate regulations to
Board of
January 22, 2012 (Per
establish any restrictions or limitations
Governors
Section 168, unless
on transactions between an intermediate
otherwise specified,
holding company or a nonbank financial
Board of Governors’ final
company supervised by the Board of
rules in subtitles A and C
Governors and its affiliates, as necessary
must be issued within 18
to prevent unsafe and unsound practices
months of the act’s
in connection with transactions between
effective date.)
such company, or any subsidiary thereof,
and its parent company or affiliates that
are not subsidiaries of such company....”
Section 202(d)(5)
“ ... may issue regulations governing the
Federal Deposit
None
termination of receiverships under this
Insurance
title.”
Corporation
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 209
“ ... shall...prescribe such rules or
Federal Deposit
None
regulations as the Corporation considers Insurance
necessary or appropriate to implement
Corporation, in
this title....”
consultation with
the Financial
Stability Oversight
Council
Section 210(a)(7)(d)
“ ... may prescribe such rules, including
Federal Deposit
None
definitions of terms, as the Corporation
Insurance
deems appropriate to establish an
Corporation
interest rate for or to make payments of
post-insolvency interest to creditors
holding proven claims against the
receivership estate of a covered financial
company, except that no such interest
shall be paid until the Corporation as
receiver has satisfied the principal
amount of all creditor claims.”
Section 210
“ ... shall prescribe such regulations and
Federal Deposit
None
(a)(16)(D)(i)
establish such retention schedules as are
Insurance
necessary to maintain the documents
Corporation
and records of the Corporation
generated in exercising the authorities of
this title and the records of a covered
financial company for which the
Corporation is appointed receiver, with
due regard for—(I) the avoidance of
duplicative record retention; and (II) the
expected evidentiary needs of the
Corporation as receiver for a covered
financial company and the public
regarding the records of covered
financial companies.”
Section 210(c)(3)(E)
“ ... may, by rule or regulation, prescribe
Federal Deposit
None
that actual direct compensatory damages Insurance
shal be no less than the estimated value
Corporation
of the claim as of the date the
Corporation was appointed receiver of
the covered financial company...”
Section 210
“The term ‘qualified financial contract’
Federal Deposit
None
(c)(8)(D)(i)
means any securities contract,
Insurance
commodity contract, forward contract,
Corporation
repurchase agreement, swap agreement,
and any similar agreement that the
Corporation determines by regulation,
resolution, or order to be a qualified
financial contract for purposes of this
paragraph.”
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62

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 210
The term “securities contract” “does
Federal Deposit
None
(c)(8)(D)(ii)(II)
not include any purchase, sale, or
Insurance
repurchase obligation under a
Corporation
participation in a commercial mortgage
loan unless the Corporation determines
by regulation, resolution, or order to
include any such agreement within the
meaning of such term.”
Section 210
The term “qualified foreign government
Board of
None
(c)(8)(D)(v)(I)
securities” has certain meanings “as
Governors
determined by regulation or order ....”
Section 210
The term “repurchase agreement” does
Board of
None
(c)(8)(D)(v)(II)
not include any repurchase obligation
Governors
under a participation in a commercial
mortgage loan, unless so determined “by
regulation, resolution, or order....”
Section 210
“…the term ‘financial institution’ means
Federal Deposit
None
(c)(9)(D)(i)
a broker or dealer, a depository
Insurance
institution, a futures commission
Corporation
merchant, a bridge financial company, or
any other institution determined by the
Corporation, by regulation, to be a
financial institution.”
Section 355
“ ... (may) issue such regulations as are
Board of
None
(amending Section
necessary to carry out this section.”
Governors
106(b)(1) of the Bank
Holding Company
Act Amendments of
1970 (12 U.S.C.
1972(1))
Section 369(4)
“ ... may prescribe regulations with
Comptroller of the
None
(amending the Home
respect to savings associations, as the
Currency
Owners’ Loan Act
Comptrol er determines to be
(12 U.S.C. 1461 et
appropriate to carry out the purposes of
seq.))
this Act.”
Section 369(5)
“ ... may issue such regulations, and the
Comptroller of the
None
(amending the Home
appropriate Federal banking agency may
Currency
Owners’ Loan Act
issue such orders, including those issued
(12 U.S.C. 1461 et
pursuant to section 8 of the Federal
seq.))
Deposit Insurance Act, as may be
necessary to administer and carry out
this paragraph and to prevent evasion of
this paragraph.”
Section 402(a)
The term “foreign private advisor”
Securities and
None
(amending Section
means (among other things) “has
Exchange
202(a) of the
aggregate assets under management
Commission
Investment Advisers
attributable to clients in the United
Act of 1940 (15
States and investors in the United States
U.S.C. 80b-2(a)))
in private funds advised by the
investment adviser of less than
$25,000,000, or such higher amount as
the Commission may, by rule, deem
appropriate in accordance with the
purposes of this title.”
Congressional Research Service
63

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 404(2)
“An investment adviser registered under Securities and
None
(amending Section
this title shall maintain such records of
Exchange
204 of the
private funds advised by the investment
Commission
Investment Advisers
adviser for such period or periods as the
Act of 1940 (15
Commission, by rule, may prescribe as
U.S.C. 80b-4))
necessary and appropriate in the public
interest and for the protection of
investors, or for the assessment of
systemic risk.”
Section 408
“In prescribing regulations to carry out
Securities and
None
(amending Section
the requirements of this section with
Exchange
203 of the
respect to investment advisers acting as
Commission
Investment Advisers
investment advisers to mid-sized private
Act of 1940 (15
funds, the Commission shal take into
U.S.C. 80b-3))
account the size, governance, and
investment strategy of such funds to
determine whether they pose systemic
risk, and shall provide for registration
and examination procedures with
respect to the investment advisers of
such funds which reflect the level of
systemic risk posed by such funds.”
Section 411
“An investment adviser registered under Securities and
None
(amending the
this title shal take such steps to
Exchange
Investment Advisers
safeguard client assets over which such
Commission
Act of 1940 (15
adviser has custody, including, without
U.S.C. 80b-1 et seq.)) limitation, verification of such assets by
an independent public accountant, as the
Commission may, by rule, prescribe.”
Section 413(b)(1)(B)
“ ... may, by notice and comment
Securities and
None (Rules may be
rulemaking, make such adjustments to
Exchange
issued after completion
the definition of the term ‘accredited
Commission
of a discretionary
investor’...as the Commission may deem
review.)
appropriate for the protection of
investors, in the public interest, and in
light of the economy.”
Section 413(b)(2)(B)
“ ... may, by notice and comment
Securities and
July 21, 2014 (Rules may
rulemaking, make such adjustments to
Exchange
be issued after
the definition of the term ‘accredited
Commission
completion of a review,
investor’...as the Commission may deem
which can be done no
appropriate for the protection of
earlier than four years
investors, in the public interest, and in
after the date of
light of the economy.”
enactment.)
Section 502(a)(3)
“ ... may issue orders, regulations,
Secretary of the
None
(amending
policies, and procedures to implement
Treasury
Subchapter I of
this section.”
chapter 3 of subtitle I
of title 31, United
States Code)
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 608(a)
“ ... may issue such regulations or
Board of
None
(amending Section
interpretations as the Board determines
Governors
23A of the Federal
are necessary or appropriate with
Reserve Act (12
respect to the manner in which a netting
U.S.C. 371c))
agreement may be taken into account in
determining the amount of a covered
transaction between a member bank or
a subsidiary and an affiliate....”
Section 615(a)
“ ... may issue such rules as may be
Board of
None
(amending Section 18 necessary to define terms and to carry
Governors, after
of the Federal
out the purposes this subsection.”
consulting with the
Deposit Insurance
Comptroller of the
Act (12 U.S.C. 1828))
Currency and the
Corporation
Section 618(b)(2)(A)
“A securities holding company that
Board of
None
elects to be subject to comprehensive
Governors
consolidated supervision shall register by
filing with the Board of Governors such
information and documents as the Board
of Governors, by regulation, may
prescribe as necessary or appropriate in
furtherance of the purposes of this
section.”
Section 618(e)(2)
“Except as the Board of Governors may
Board of
None
otherwise provide by regulation or
Governors
order, a supervised securities holding
company shall be subject to the
provisions of the Bank Holding Company
Act of 1956 (12 U.S.C. 1841 et seq.) in
the same manner and to the same
extent a bank holding company is subject
to such provisions....”
Section 619
Section requires certain entities to bring
Board of
None
(amending the Bank
their activities and investments into
Governors
Holding Company
compliance within two years of the
Act of 1956 (12
requirements taking effect or the entity
U.S.C. 1841 et seq.),
becomes supervised. Also states that
new Section 13)
“The Board may, by rule or order,
extend this two-year period for not
more than one year at a time, if, in the
judgment of the Board, such an
extension is consistent with the
purposes of this section and would not
be detrimental to the public interest.”
Section 619
Agencies may permit specific activities,
“Appropriate
None
(amending the Bank
as well as “such other activity as (the
Federal banking
Holding Company
agencies) determine, by rule, as provided agencies,” the
Act of 1956 (12
in subsection (b)(2), would promote and
Securities and
U.S.C. 1841 et seq.))
protect the safety and soundness of the
Exchange
banking entity and the financial stability
Commission, and
of the United States.”
the Commodity
Futures Trading
Commission.
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 623(a)
The term “home state” means... “with
Director of the
None
(amending Section
respect to a Federal savings association,
Office of Thrift
18(c) of the Federal
the State in which the home office (as
Supervision (before
Deposit Insurance
defined by the regulations of the
transfer date) or
Act (12 U.S.C.
Director of the Office of Thrift
Comptroller of the
1828(c)))
Supervision, or, on and after the transfer Currency (after
date, the Comptrol er of the Currency)
transfer date)
of the Federal savings association is
located.”
Section 623(b)
The term “home state” means... “with
Director of the
None
(amending Section
respect to a Federal savings association,
Office of Thrift
2(o)(4) of the Bank
the State in which the home office (as
Supervision (before
Holding Company
defined by the regulations of the
transfer date) or
Act of 1956 (12
Director of the Office of Thrift
Comptroller of the
U.S.C. 1841(o)(4)))
Supervision, or, on and after the transfer Currency (after
date, the Comptrol er of the Currency)
transfer date)
of the Federal savings association is
located.”
Section 623(c)
The term “home state” means... “with
Director of the
None
(amending Section
respect to a Federal savings association,
Office of Thrift
10(e)(2) of the Home the State in which the home office (as
Supervision (before
Owners’ Loan Act
defined by the regulations of the
transfer date) or
(12 U.S.C.
Director of the Office of Thrift
Comptroller of the
1467a(e)(2)))
Supervision, or, on and after the transfer Currency (after
date, the Comptrol er of the Currency)
transfer date)
of the Federal savings association is
located.”
Section 626
“If a grandfathered unitary savings and
Board of
October 19, 2011
(amending Home
loan holding company conducts activities Governors
(Within 90 days after the
Owners’ Loan Act
other than financial activities, the Board
transfer date, or later, if
(12 U.S.C. 1461 et
may require such company to establish
the Board deems it
seq.)
and conduct all or a portion of such
appropriate.)
financial activities in or through an
intermediate holding company, which
shall be a savings and loan holding
company, established pursuant to
regulations of the Board....”
Section 626 (creating
“ ... may promulgate regulations to
Board of
None
a new Section 10A
establish any restrictions or limitations
Governors
on “Intermediate
on transactions between an intermediate
Holding Companies”
holding company or a parent of such
to the Homeowners’
company and its affiliates, as necessary
Loan Act)
to prevent unsafe and unsound practices
in connection with transactions between
the intermediate holding company, or
any subsidiary thereof, and its parent
company or affiliates that are not
subsidiaries of the intermediate holding
company, except that such regulations
shall not restrict or limit any transaction
in connection with the bona fide
acquisition or lease by an unaffiliated
person of assets, goods, or services.”
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 712(d)(2)(A)
“…, shall jointly adopt such other rules
Commodity Futures None
regarding such definitions as the
Trading
Commodity Futures Trading
Commission and
Commission and the Securities and
the Securities and
Exchange Commission determine are
Exchange
necessary and appropriate, in the public
Commission, in
interest, and for the protection of
consultation with
investors.”
the Board of
Governors
Section 712(f)
“ ... may promulgate rules, regulations,
Commodity Futures July 16, 2011 (Section
or orders permitted or required by this
Trading
712(e) requires that al
Act.”
Commission and
mandatory Title VII
the Securities and
CFTC and SEC rules
Exchange
(other than those issued
Commission
jointly) be promulgated
within 360 days after the
date of enactment, unless
another provision states
otherwise.)
Section 714
“…may, by rule or order (1) col ect
Commodity Futures July 16, 2011 (Section
information as may be necessary
Trading
712(e) requires that al
concerning the markets for any types of
Commission or the
mandatory Title VII
(A) swap (as defined in section 1a of the
Securities and
CFTC and SEC rules
Commodity Exchange Act (7 U.S.C. 1a)); Exchange
(other than those issued
or (B) security-based swap (as defined in Commission, or
jointly) be promulgated
section 1a of the Commodity Exchange
both
within 360 days after the
Act (7 U.S.C. 1a))….”
date of enactment, unless
another provision states
otherwise.)
Section 719(d)(1)(B)
“If the Commissions determine that
Commodity Futures None (Study leading to
stable value contracts fall within the
Trading
the regulation is to be
definition of a swap, the Commissions
Commission and
conducted within 15
jointly shall determine if an exemption
the Securities and
months of the date of
for stable value contracts from the
Exchange
enactment (i.e., by
definition of swap is appropriate and in
Commission
October 21, 2011). No
the public interest. The Commissions
prescribed date for the
shall issue regulations implementing the
regulation.)
determinations required under this
paragraph.”
Section 721(a)(5)
“ ... by rule or regulation, may include
Commodity Futures None
(amending Section 1a
within, or exclude from, the term
Trading
of the Commodity
‘commodity pool’ any investment trust,
Commission
Exchange Act (7
syndicate, or similar form of enterprise if
U.S.C. 1a))
the Commission determines that the
rule or regulation will effectuate the
purposes of this Act.”
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 721(a)(10)
“ ... by rule or regulation, may include
Commodity Futures None
(amending Section 1a
within, or exclude from, the term ‘floor
Trading
of the Commodity
broker’ any person in or surrounding
Commission
Exchange Act (7
any pit, ring, post, or other place
U.S.C. 1a))
provided by a contract market for the
meeting of persons similarly engaged
who trades for any other person if the
Commission determines that the rule or
regulation will effectuate the purposes of
this Act.”
Section 721(a)(13)
“ ... by rule or regulation, may include
Commodity Futures None
(amending Section 1a
within, or exclude from, the term
Trading
of the Commodity
‘futures commission merchant’ any
Commission
Exchange Act (7
person who....”
U.S.C. 1a))
Section 721(a)(15)
“ ... by rule or regulation, may include
Commodity Futures None
(amending Section 1a
within, or exclude from, the term
Trading
of the Commodity
‘introducing broker’ any person who....”
Commission
Exchange Act (7
U.S.C. 1a))
Section 721(a)(21)
“ ... all foreign exchange swaps and
Commodity Futures None
foreign exchange forwards shall be
Trading
reported to either a swap data
Commission
repository, or, if there is no swap data
repository that would accept such swaps
or forwards, to the Commission
pursuant to section 4r within such time
period as the Commission may by rule
or regulation prescribe.”
Section 721(b)
“ ... may adopt a rule to define—(1) the
Commodity Futures None
term ‘commercial risk’; and (2) any
Trading
other term included in an amendment to Commission
the Commodity Exchange Act (7 U.S.C.
1 et seq.) made by this subtitle.”
Section 721(d)
“ ... may by rule, regulation, or order
Commodity Futures None
(amending the
jointly exclude any agreement, contract,
Trading
or transaction from section 2(a)(1)(D)) if Commission and
the Commissions determine that the
the Securities and
exemption would be consistent with the
Exchange
public interest.”
Commission
Section 723(a)(3)
“…shall prescribe rules under this
Commodity Futures None
(amending Section 2
subsection (and issue interpretations of
Trading
of the Commodity
rules prescribed under this subsection)
Commission
Exchange Act (7
as determined by the Commission to be
U.S.C. 2))
necessary to prevent evasions of the
mandatory clearing requirements under
this Act.”
Section 723(a)(3)
“Swaps entered into on or after such
Commodity Futures None
(amending Section 2
date of enactment shal be reported to a
Trading
of the Commodity
registered swap data repository or the
Commission
Exchange Act (7
Commission no later than… such other
U.S.C. 2))
time after entering into the swap as the
Commission may prescribe by rule or
regulation.”
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 723(a)(3)
“…may prescribe such rules or issue
Commodity Futures None
(amending Section 2
interpretations of the rules as the
Trading
of the Commodity
Commission determines to be necessary Commission
Exchange Act (7
to prevent abuse of the exceptions
U.S.C. 2))
described in this paragraph.”
Section 724(a)
“ ... in accordance with such terms and
Commodity Futures None
(amending Section 4d conditions as the Commission may
Trading
of the Commodity
prescribe by rule, regulation, or order,
Commission
Exchange Act (7
any money, securities, or property of
U.S.C. 6d))
the swaps customers of a futures
commission merchant...may be
commingled and deposited in customer
accounts....”
Section 724(a)
“Money described in paragraph (2) may
Commodity Futures None
(amending Section 4d be invested in obligations of the United
Trading
of the Commodity
States, in …any other investment that
Commission
Exchange Act (7
the Commission may by rule or
U.S.C. 6d))
regulation prescribe, and such
investments shall be made in accordance
with such rules and regulations and
subject to such conditions as the
Commission may prescribe.”
Section 724(c)
Swap dealers or major swap participants
Commodity Futures None
must maintain certain funds or other
Trading
property in a segregated account “in
Commission
accordance with such rules and
regulations as the Commission may
promulgate.”
Section 725(b)
“In accordance with rules prescribed by
Commodity Futures None
(amending Section 5b the Commission, the chief compliance
Trading
of the Commodity
officer shal annual y prepare and sign a
Commission
Exchange Act (7
report that contains a description of….”
U.S.C. 7a-1))
Section 725(c)
“ ... a derivatives clearing organization
Commodity Futures None
(amending Section
shall comply with each core principle
Trading
5b(c) of the
described in this paragraph and any
Commission
Commodity
requirement that the Commission may
Exchange Act (7
impose by rule or regulation.”
U.S.C. 7a-1(c)))
Section 727
“ ... may, by rule, regulation, or order,
Commodity Futures None
(amending Section
delegate the public reporting
Trading
2(a) of the
responsibilities of the Commission under Commission
Commodity
this paragraph in accordance with such
Exchange Act (7
terms and conditions as the Commission
U.S.C. 2(a)))
determines to be appropriate and in the
public interest.”
Section 728
“To be registered ... , the swap data
Commodity Futures None
(amending the
repository shall comply with... any
Trading
Commodity
requirement that the Commission may
Commission
Exchange Act after
impose by rule or regulation pursuant to
section 20 (7 U.S.C.
section 8a(5).”
24))
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 728
“In accordance with rules prescribed by
Commodity Futures None
(amending the
the Commission, the chief compliance
Trading
Commodity
officer shal annual y prepare and sign a
Commission
Exchange Act after
report that contains a description of….”
section 20 (7 U.S.C.
24))
Section 729
“Each swap that is not accepted for
Commodity Futures None
(amending the
clearing by any derivatives clearing
Trading
Commodity
organization shal be reported to…the
Commission
Exchange Act by
Commission pursuant to this section
inserting after section within such time period as the
4q (7 U.S.C. 6o-1))
Commission may by rule or regulation
prescribe.”
Section 730
“Books and records described in
Commodity Futures None
(amending the
subsection (a)(2)(B) shall ...show such
Trading
Commodity
complete details concerning all
Commission
Exchange Act (7
transactions and positions as the
U.S.C. 1 et seq.))
Commission may prescribe by rule or
regulation.”
Section 730
Large swap trader reporting
Commodity Futures None
(amending the
requirements “shal not apply if (A) the
Trading
Commodity
person files or causes to be filed with
Commission
Exchange Act (7
the properly designated officer of the
U.S.C. 1 et seq.))
Commission such reports regarding any
transactions or positions described in
subparagraphs (A) and (B) of paragraph
(1) as the Commission may require by
rule or regulation.”
Section 731
“ ... may prescribe rules applicable to
Commodity Futures None
(amending the
swap dealers and major swap
Trading
Commodity
participants, including rules that limit the Commission
Exchange Act (7
activities of swap dealers and major
U.S.C. 1 et seq.))
swap participants.”
Section 731
Registered swap dealers and major swap
Commodity Futures None
(amending the
participant must make such reports and
Trading
Commodity
keep books and records “as are
Commission
Exchange Act (7
required by the Commission by rule or
U.S.C. 1 et seq.))
regulation....”
Section 731
“Each registered swap dealer and major
Commodity Futures None
(amending the
swap participant shall conform with such Trading
Commodity
business conduct standards as
Commission
Exchange Act (7
prescribed in paragraph (3) and as may
U.S.C. 1 et seq.))
be prescribed by the Commission by
rule or regulation….”
Section 733
“In accordance with rules prescribed by
Commodity Futures None
(amending the
the Commission, the chief compliance
Trading
Commodity
officer shal annual y prepare and sign a
Commission
Exchange Act by
report that contains a description of….”
inserting a new
section after section
5g (7 U.S.C. 7b-2))
Congressional Research Service
70

Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 733
“ ... may promulgate rules defining the
Securities and
None
(amending the
universe of swaps that can be executed
Exchange
Commodity
on a swap execution facility.”
Commission and
Exchange Act by
Commodity Futures
inserting a new
Trading
section after section
Commission
5g (7 U.S.C. 7b-2))
Section 738(a)(4)
“ ... may adopt rules and regulations
Commodity Futures None
(amending Section
requiring registration with the
Trading
4(b) of the
Commission for a foreign board of trade Commission
Commodity
that provides the members of the
Exchange Act (7
foreign board of trade or other
U.S.C. 6(b)))
participants located in the United States
with direct access to the electronic
trading and order matching system of
the foreign board of trade, including
rules and regulations prescribing
procedures and requirements applicable
to the registration of such foreign
boards of trade.”
Section 742(a)(2)
Certain requirements do not apply to
Commodity Futures None
(amending Section
certain agreements, securities, and
Trading
2(c) of the
contracts if delivered within 28 days “or
Commission
Commodity
such other longer period as the
Exchange Act (7
Commission may determine by rule or
U.S.C. 2(c)))
regulation….”
Section 745(b)
The Commission may determine that
Commodity Futures None
(amending Section 5c
certain “agreements, contracts, or
Trading
of the Commodity
transactions are contrary to the public
Commission
Exchange Act (7
interest “ if “determined by the
U.S.C. 7a-2))
Commission, by rule or regulation, to be
contrary to the public interest..”
Section 747
“…may make and promulgate such rules
Commodity Futures None
(amending Section
and regulations as, in the judgment of
Trading
4c(a) of the
the Commission, are reasonably
Commission
Commodity
necessary to prohibit the trading
Exchange Act (7
practices described in paragraph (5) and
U.S.C. 6c(a)))
any other trading practice that is
disruptive of fair and equitable trading.”
Section 748
“The term ‘whistleblower' means any
Commodity Futures April 17, 2011 (Within
(amending the
individual, or 2 or more individuals
Trading
270 days after the date of
Commodity
acting jointly, who provides information
Commission
enactment.)
Exchange Act (7
relating to a violation of this Act to the
U.S.C. 1 et seq.))
Commission, in a manner established by
rule or regulation by the Commission.”
(Also several other provisions regarding
whistleblowers that may be established
by rule or regulation.)
Section 748
“…shall have the authority to issue such
Commodity Futures April 17, 2011 (Within
(amending the
rules and regulations as may be
Trading
270 days after the date of
Commodity
necessary or appropriate to implement
Commission
enactment.)
Exchange Act (7
the provisions of this section consistent
U.S.C. 1 et seq.))
with the purposes of this section.”
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 761(b)
“…may, by rule, further define (1) the
Securities and
None
term ‘commercial risk'; (2) any other
Exchange
term included in an amendment to the
Commission
Securities Exchange Act of 1934 (15
U.S.C. 78c(a)) made by this subtitle; and
(3) the terms ‘security-based swap',
‘security-based swap dealer', ‘major
security-based swap participant', and
‘eligible contract participant', with regard
to security-based swaps (as such terms
are defined in the amendments made by
subsection (a)) for the purpose of
including transactions and entities that
have been structured to evade this
subtitle or the amendments made by this
subtitle.”
Section 763(a)
“…shall prescribe rules under this
Securities and
None
(amending the
section (and issue interpretations of
Exchange
Securities Exchange
rules prescribed under this section), as
Commission
Act of 1934 (15
determined by the Commission to be
U.S.C. 78a et seq.))
necessary to prevent evasions of the
mandatory clearing requirements under
this Act.”
Section 763(a)
Security-based swaps entered into on or Securities and
None
(amending the
after the date of enactment must be
Exchange
Securities Exchange
reported within 90 days or “such other
Commission
Act of 1934 (15
time after entering into the security-
U.S.C. 78a et seq.))
based swap as the Commission may
prescribe by rule or regulation.”
Section 763(a)
“…may prescribe such rules or issue
Securities and
None
(amending the
interpretations of the rules as the
Exchange
Securities Exchange
Commission determines to be necessary Commission
Act of 1934 (15
to prevent abuse of the exceptions
U.S.C. 78a et seq.))
described in this subsection.”
Section 763(a)
“In accordance with rules prescribed by
Securities and
None
(amending the
the Commission, the chief compliance
Exchange
Securities Exchange
officer shal annual y prepare and sign a
Commission
Act of 1934 (15
report that contains a description of
U.S.C. 78a et seq.))
….”
Section 763(b)
“To be registered and to maintain
Securities and
None
(amending Section
registration as a clearing agency that
Exchange
17A of the Securities
clears security-based swap transactions,
Commission
Exchange Act of
a clearing agency shall comply with such
1934 (15 U.S.C. 78q-
standards as the Commission may
1))
establish by rule.”
Section 763(c)
“To be registered, and maintain
Securities and
None
(amending the
registration, as a security-based swap
Exchange
Securities Exchange
execution facility, the security-based
Commission
Act of 1934 (15
swap execution facility shall comply
U.S.C. 78a et seq.))
with… any requirement that the
Commission may impose by rule or
regulation.”
Congressional Research Service
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 763(c)
“In accordance with rules prescribed by
Securities and
None
(amending the
the Commission, the chief compliance
Exchange
Securities Exchange
officer shal annual y prepare and sign a
Commission
Act of 1934 (15
report that contains a description of….”
U.S.C. 78a et seq.))
Section 763(d)
“…in accordance with such terms and
Securities and
None
(amending the
conditions as the Commission may
Exchange
Securities Exchange
prescribe by rule, regulation, or order,
Commission
Act of 1934 (15
any money, securities, or property of
U.S.C. 78a et seq.))
the security-based swaps customer of a
broker, dealer, or security-based swap
dealer described in subsection (b) may
be commingled and deposited as
provided in this section with any other
money, securities, or property received
by the broker, dealer, or security-based
swap dealer and required by the
Commission to be separately accounted
for and treated and dealt with as
belonging to the security-based swaps
customer of the broker, dealer, or
security-based swap dealer.”
Section 763(d)
Certain funds may be invested in certain
Securities and
None
(amending the
vehicles or “in any other investment that Exchange
Securities Exchange
the Commission may by rule or
Commission
Act of 1934 (15
regulation prescribe, and such
U.S.C. 78a et seq.))
investments shall be made in accordance
with such rules and regulations and
subject to such conditions as the
Commission may prescribe.”
Section 763(h)
“…shall, by rule or regulation, as
Securities and
None
(amending the
necessary or appropriate in the public
Exchange
Securities Exchange
interest or for the protection of
Commission
Act of 1934 after
investors, establish limits (including
section 10A (15
related hedge exemption provisions) on
U.S.C. 78j-1))
the size of positions in any security-
based swap that may be held by any
person.”
Section 763(h)
“…by rule, regulation, or order, may
Securities and
None
(amending the
conditionally or unconditionally exempt
Exchange
Securities Exchange
any person or class of persons, any
Commission
Act of 1934 after
security-based swap or class of security-
section 10A (15
based swaps, or any transaction or class
U.S.C. 78j-1))
of transactions from any requirement
the Commission may establish under this
section with respect to position limits.”
Section 763(h)
“…by rule, regulation, or order, as
Securities and
None
(amending the
necessary or appropriate in the public
Exchange
Securities Exchange
interest, for the protection of investors,
Commission
Act of 1934 after
or otherwise in furtherance of the
section 10A (15
purposes of this title, may direct a self-
U.S.C. 78j-1))
regulatory organization (A) to adopt
rules regarding the size of positions in
any security-based swap that may be
held by….”
Congressional Research Service
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 763(h)
“…by rule or regulation, may require
Securities and
None
(amending the
any person that effects transactions for
Exchange
Securities Exchange
such person's own account or the
Commission
Act of 1934 after
account of others in any securities-based
section 10A (15
swap or uncleared security-based swap
U.S.C. 78j-1))
and any security or loan or group or
narrow-based security index of
securities or loans as set forth in
paragraphs (1) and (2) of subsection (a)
under this section to report such
information as the Commission may
prescribe regarding….”
Section 763(i)
“…is authorized to provide by rule for
Securities and
None
(amending Section 13 the public availability of security-based
Exchange
of the Securities
swap transaction, volume, and pricing
Commission
Exchange Act of
data as follows….”
1934 (15 U.S.C.
78m))
Section 763(i)
“…may, by rule, regulation, or order,
Securities and
None
(amending Section 13 delegate the public reporting
Exchange
of the Securities
responsibilities of the Commission under Commission
Exchange Act of
this paragraph in accordance with such
1934 (15 U.S.C.
terms and conditions as the Commission
78m))
determines to be appropriate and in the
public interest.”
Section 763(i)
“In accordance with rules prescribed by
Securities and
None
(amending Section 13 the Commission, the chief compliance
Exchange
of the Securities
officer shal annual y prepare and sign a
Commission
Exchange Act of
report that contains a description of….”
1934 (15 U.S.C.
78m))
Section 764(a)
“Each registration under this section
Securities and
None
(amending the
shal expire at such time as the
Exchange
Securities Exchange
Commission may prescribe by rule or
Commission
Act of 1934 (15
regulation.”
U.S.C. 78a et seq.)
after section 15E (15
U.S.C. 78o-7))
Section 764
“ ... may prescribe rules applicable to
Securities and
None
(amending the
security-based swap dealers and major
Exchange
Securities Exchange
security-based swap participants,
Commission
Act of 1934 (15
including rules that limit the activities of
U.S.C. 78a et seq.))
non-bank security-based swap dealers
and major security-based swap
participants.”
Section 805(a)(2)(A)
“…may each prescribe regulations…
Commodity Futures None
containing risk management standards…
Trading
for those designated clearing entities and Commission and
financial institutions engaged in
the Securities and
designated activities for which each is
Exchange
the Supervisory Agency or the
Commission
appropriate financial regulator….”

Congressional Research Service
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 806(b)
“…discounts and borrowing privileges
Board of
None
shall be subject to such other limitations, Governors
restrictions, and regulations as the
Board of Governors may prescribe.”
Section 809(b)(3)
“…may…prescribe regulations under
Board of
None
this section that impose a recordkeeping Governors, upon an
or reporting requirement on designated
affirmative vote by a
clearing entities or financial institutions
majority of the
engaged in designated activities that are
Financial Stability
subject to standards that have been
Oversight Council
prescribed under section 805(a)(2).”

Section 810
“…are authorized to prescribe such
Board of
None
rules and issue such orders as may be
Governors, the
necessary to administer and carry out
supervisory
their respective authorities and duties
agencies, and the
granted under this title (on ‘Payment,
Financial Stability
Clearing, and Settlement Supervision’)
Oversight Council
and prevent evasions thereof.”
Section 913(f)
“…may commence a rulemaking, as
Securities and
None
necessary or appropriate in the public
Exchange
interest and for the protection of retail
Commission
customers…to address the legal or
regulatory standards of care for brokers,
dealers, investment advisers, persons
associated with brokers or dealers, and
persons associated with investment
advisers for providing personalized
investment advice about securities to
such retail customers.”
Section 913(g)(1)
“ ... may promulgate rules to provide
Securities and
None
(amending Section 15 that, with respect to a broker or dealer,
Exchange
of the Securities
when providing personalized investment
Commission
Exchange Act of
advice about securities to a retail
1934 (15 U.S.C.
customer (and such other customers as
78o))
the Commission may by rule provide),
the standard of conduct for such broker
or dealer with respect to such customer
shal be the same as the standard of
conduct applicable to an investment
adviser under section 211 of the
Investment Advisers Act of 1940.”
Section 913(g)(1)
“…may by rule require that (certain
Securities and
None
(amending Section 15 brokers or dealers)…provide notice to
Exchange
of the Securities
each retail customer and obtain the
Commission
Exchange Act of
consent or acknowledgment of the
1934 (15 U.S.C.
customer.”
78o))
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 913(g)(1)
“…shall…where appropriate,
Securities and
None
(amending Section 15 promulgate rules prohibiting or
Exchange
of the Securities
restricting certain sales practices,
Commission
Exchange Act of
conflicts of interest, and compensation
1934 (15 U.S.C.
schemes for brokers, dealers, and
78o))
investment advisers that the
Commission deems contrary to the
public interest and the protection of
investors.”
Section 913(g)(2)
“…may promulgate rules to provide that Securities and
None
(amending Section
the standard of conduct for all brokers,
Exchange
211 of the
dealers, and investment advisers, when
Commission
Investment Advisers
providing personalized investment advice
Act of 1940)
about securities to retail
customers…shal be to act in the best
interest of the customer without regard
to the financial or other interest of the
broker, dealer, or investment adviser
providing the advice.”
Section 913(g)(2)
“…where appropriate, promulgate rules
Securities and
None
(amending Section
prohibiting or restricting certain sales
Exchange
211 of the
practices, conflicts of interest, and
Commission
Investment Advisers
compensation schemes for brokers,
Act of 1940)
dealers, and investment advisers that the
Commission deems contrary to the
public interest and the protection of
investors.”
Section 916(a)
“…shall approve a proposed rule change Securities and
None
(amending Section
of a self-regulatory organization if it finds Exchange
19(b) of the
that such proposed rule change is
Commission
Securities Exchange
consistent with the requirements of this
Act of 1934 (15
title and the rules and regulations issued
U.S.C. 78s(b)))
under this title that are applicable to
such organization.”
Section 919
“ ... may issue rules designating
Securities and
None
(amending Section 15 documents or information that shall be
Exchange
of the Securities
provided by a broker or dealer to a
Commission
Exchange Act of
retail investor before the purchase of an
1934 (15 U.S.C.
investment product or service by the
78o))
retail investor.” (Goes on to detail
contents)
Section 921(a)
“…by rule, may prohibit, or impose
Securities and
None
(amending Section 15 conditions or limitations on the use of,
Exchange
of the Securities
agreements that require customers or
Commission
Exchange Act of
clients of any broker, dealer, or
1934 (15 U.S.C.
municipal securities dealer to arbitrate
78o)) (Note: same
any future dispute between them arising
provision in Section
under the Federal securities laws ... ”
921(b), amending
Section 205 of the
Investment Advisers
Act of 1940 (15
U.S.C. 80b-5)).
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 922(a)
“The term ‘whistleblower' means any
Securities and
None
(amending the
individual who provides…information
Exchange
Securities Exchange
relating to a violation of the securities
Commission
Act of 1934 (15
laws to the Commission, in a manner
U.S.C. 78a et seq.))
established, by rule or regulation, by the
Commission.” Also, awards are to be
paid “under regulations prescribed by
the Commission.” Finally, the
Commission is given the authority to
issue “such rules and regulations as may
be necessary or appropriate to
implement the provisions of this section
consistent with the purposes of this
section.”
Section 929D(2)
“…stolen, cancelled, or reported in such Securities and
None
(amending Section
other manner as the Commission, by
Exchange
17(f)(1) of the
rule, may prescribe.”
Commission
Securities Exchange
Act of 1934 (15
U.S.C. 78q(f)(1)))
Section 929Q(a)
“…shall maintain and preserve all
Securities and
None
(amending Section 31 records that relate to the custody or
Exchange
of the Investment
use by such person of the securities,
Commission
Company Act of
deposits, or credits of the registered
1940 (15 U.S.C. 80a-
investment company for such period or
30))
periods as the Commission, by rule or
regulation, may prescribe, as necessary
or appropriate in the public interest or
for the protection of investors….”
(Note: Same requirement in Section
929Q(b), amending Section 16(a) of the
Securities Exchange Act of 1934 (15
U.S.C. 78p(a)))
Section 929R(a)
Beneficial ownership and short-swing
Securities and
None
(amending Section 13 profit reporting is required within 10
Exchange
of the Securities
days “or within such shorter time as the
Commission
Exchange Act of
Commission may establish by rule.”
1934 (15 U.S.C.
78m))
Section 929W
“…shal adopt such rules, regulations,
Securities and
July 21, 2011 (Within
(amending Section
and orders necessary to implement this
Exchange
one year of the date of
17A of the Securities
subsection…. In proposing such rules,
Commission
enactment (i.e., by July
Exchange Act of
the Commission shall seek to minimize
21, 2011.)
1934 (15 U.S.C. 78q-
disruptions to current systems used by
1))
or on behalf of paying agents to process
payment to account holders and avoid
requiring multiple paying agents to send
written notification to a missing security
holder regarding the same not yet
negotiated check.”
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 929X(b)(2)
“…shall issue such other rules as are
Securities and
None
(amending Section 9
necessary or appropriate to ensure that
Exchange
of the Securities
the appropriate enforcement options
Commission
Exchange Act of
and remedies are available for violations
1934 (15 U.S.C. 78i))
of this subsection (on short-selling
enforcement) in the public interest or
for the protection of investors.”
Section 929X(c)(2)
“…by rule, as it deems necessary or
Securities and
None
(amending Section 15 appropriate in the public interest and for Exchange
of the Securities
the protection of investors, may
Commission
Exchange Act of
prescribe the form, content, time, and
1934 (15 U.S.C.
manner of delivery of any notice
78o))
required under this paragraph.”
Section 939F(d)
“…shall, by rule, as the Commission
Securities and
July 21, 2012 (After
determines is necessary or appropriate
Exchange
submission of a report,
in the public interest or for the
Commission
which is required within
protection of investors, establish a
24 months after the date
system for the assignment of national y
of enactment.
recognized statistical rating organizations
to determine the initial credit ratings of
structured finance products….”
Section 941(a)
An “asset-backed security” means
Securities and
None
(amending Section
(among other things) “a security that the Exchange
3(a) of the Securities
Commission, by rule, determines to be
Commission
Exchange Act of
an asset-backed security for purposes of
1934 (15 U.S.C.
this section.”
78c(a)))
Section 942(a)(3)
“…may, by rule or regulation, provide
Securities and
None
(amending Section
for the suspension or termination of the
Exchange
15(d) of the
duty to file under this subsection for any
Commission
Securities Exchange
class of asset-backed security, on such
Act of 1934 (15
terms and conditions and for such
U.S.C. 78o(d))
period or periods as the Commission
deems necessary or appropriate in the
public interest or for the protection of
investors.”
Section 951
“…may, by rule or order, exempt an
Securities and
None
(amending the
issuer or class of issuers from the
Exchange
Securities Exchange
requirement under subsection (a) or
Commission
Act of 1934 (15
(b).”
U.S.C. 78a et seq.))
Section 956(e)(2)(G)
“The term ‘covered financial institution’
The “appropriate
None
means… any other financial institution
Federal regulators”
that the appropriate Federal regulators,
jointly, by rule, determine should be
treated as a covered financial institution
for purposes of this section.”
Section 957(2)
“A shareholder vote described in this
Securities and
None
(amending Section
subparagraph is a shareholder vote with
Exchange
6(b) of the Securities
respect to the election of a member of
Commission
Exchange Act of
the board of directors of an issuer,
1934 (15 U.S.C.
executive compensation, or any other
78f(b)))
significant matter, as determined by the
Commission, by rule.”
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 971(a)
“The rules and regulations prescribed by Securities and
None
(amending Section
the Commission under paragraph (1) (on Exchange
14(a) of the
‘Proxy Access’) may include (A) a
Commission
Securities Exchange
requirement that a solicitation of proxy,
Act of 1934 (15
consent, or authorization by (or on
U.S.C. 78n(a)))
behalf of) an issuer include a nominee
submitted by a shareholder to serve on
the board of directors of the issuer.”
Section 971(b) and
“ ... may issue rules permitting the use
Securities and
None
(c)
by a shareholder of proxy solicitation
Exchange
materials supplied by an issuer of
Commission
securities for the purpose of nominating
individuals to membership on the board
of directors of the issuer….” Also, the
Commission “may, by rule or order,
exempt an issuer or class of issuers from
the requirement made by this section or
an amendment made by this section.”
Section 982(e)
“…may, by rule, conduct and require a
Public Company
None
program of inspection in accordance
Accounting
with paragraph (1), on a basis to be
Oversight Board
determined by the Board, of registered
public accounting firms that provide one
or more audit reports for a broker or
dealer.”
Section 984(a)
Prohibits “borrowing of securities in
Securities and
None
(amending Section 10 contravention of such rules and
Exchange
of the Securities
regulations as the Commission may
Commission
Exchange Act of
prescribe as necessary or appropriate in
1934 (15 U.S.C. 78j))
the public interest or for the protection
of investors.”
Section 985(b)(5)
“The order granting registration shall
Securities and
None
(amending Section 15 not be effective until such broker or
Exchange
of the Securities
dealer has become a member of a
Commission
Exchange Act of
registered securities association, or until
1934 (15 U.S.C. 78a
such broker or dealer has become a
et seq.))
member of a national securities
exchange, if such broker or dealer
effects transactions solely on that
exchange, unless the Commission has
exempted such broker or dealer, by rule
or order, from such membership.”
Section 1002(9)
The term “deposit-taking activity”
Consumer Financial
None
includes “the receipt of funds or the
Protection Bureau
equivalent thereof, as the Bureau may
determine by rule or order, received or
held by a covered person (or an agent
for a covered person) for the purpose of
facilitating a payment or transferring
funds or value of funds between a
consumer and a third party.”
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 1002(15)(A)
The definition of the term “financial
Consumer Financial
None
product or service” includes “…such
Protection Bureau
other financial product or service as may
be defined by the Bureau, by regulation,
for purposes of this title….”
Section 1002(25)
The definition of a “related person”
Consumer Financial
None
includes “any shareholder, consultant,
Protection Bureau
joint venture partner, or other person,
as determined by the Bureau (by rule or
on a case-by-case basis) who material y
participates in the conduct of the affairs
of such covered person.”
Section 1022(b)(1)
“…may prescribe rules and issue orders
Consumer Financial
None
and guidance, as may be necessary or
Protection Bureau

appropriate to enable the Bureau to
administer and carry out the purposes
and objectives of the Federal consumer
financial laws, and to prevent evasions
thereof.”
Section
“…by rule, may conditionally or
Consumer Financial
None
1022(b)(3)(A)
unconditional y exempt any class of
Protection Bureau
covered persons, service providers, or
consumer financial products or services,
from any provision of this title, or from
any rule issued under this title, as the
Bureau determines necessary or
appropriate to carry out the purposes
and objectives of this title, taking into
consideration the factors in
subparagraph (B).”
Section 1022(c)(4)(B) “…may…require covered persons and
Consumer Financial
None
service providers participating in
Protection Bureau
consumer financial services markets to
file with the Bureau, under oath or
otherwise, in such form and within such
reasonable period of time as the Bureau
may prescribe by rule or order, annual
or special reports, or answers in writing
to specific questions….”
Section 1022(c)(5)
“In order to assess whether a
Consumer Financial
None
nondepository is a covered person, as
Protection Bureau
defined in section 1002, the Bureau may
require such nondepository to file with
the Bureau, under oath or otherwise, in
such form and within such reasonable
period of time as the Bureau may
prescribe by rule or order, annual or
special reports, or answers in writing to
specific questions.”
Section 1022(c)(7)(A) “…may prescribe rules regarding
Consumer Financial
None
registration requirements applicable to a
Protection Bureau
covered person, other than an insured
depository institution, insured credit
union, or related person.”
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section
“…may prescribe rules regarding a
Consumer Financial
None
1024(b)(7)(C)
person described in subsection (a)(1), to
Protection Bureau
ensure that such persons are legitimate
entities and are able to perform their
obligations to consumers. Such
requirements may include background
checks for principals, officers, directors,
or key personnel and bonding or other
appropriate financial requirements.”
Section 1027(b)(2)
“…may exercise rulemaking,
Consumer Financial
None
supervisory, enforcement, or other
Protection Bureau
authority under this title with respect to
a person described in paragraph (1)
when such person is (A) engaged in an
activity of offering or providing any
consumer financial product or
service…or (B) otherwise subject to any
enumerated consumer law or any law
for which authorities are transferred
under subtitle F or H….”
Section
“Subject to a request or response
Consumer Financial
None
1027(g)(3)(B)(iii)
pursuant to clause (i) or clause (i ) by
Protection Bureau
the agencies made under this
subparagraph (Departments of the
Treasury and Labor), the Bureau may
exercise rulemaking authority, and may
act to enforce a rule prescribed
pursuant to such request or response, in
accordance with the provisions of this
title.”
Section 1028(b)
“…by regulation, may prohibit or
Consumer Financial
None
impose conditions or limitations on the
Protection Bureau
use of an agreement between a covered
person and a consumer for a consumer
financial product or service providing for
arbitration of any future dispute
between the parties….”
Section 1031(b)
“…may prescribe rules applicable to a
Consumer Financial
None
covered person or service provider
Protection Bureau
identifying as unlawful unfair, deceptive,
or abusive acts or practices in
connection with any transaction with a
consumer for a consumer financial
product or service, or the offering of a
consumer financial product or service.”
Section 1032(a)
“…may prescribe rules to ensure that
Consumer Financial
None
the features of any consumer financial
Protection Bureau
product or service, both initially and
over the term of the product or service,
are fully, accurately, and effectively
disclosed to consumers in a manner that
permits consumers to understand the
costs, benefits, and risks associated with
the product or service, in light of the
facts and circumstances.”
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 1057(d)(3)
“…an arbitration provision in a
Consumer Financial
None
col ective bargaining agreement shal be
Protection Bureau
enforceable as to disputes arising under
subsection (a)(4), unless the Bureau
determines, by rule, that such provision
is inconsistent with the purposes of this
title.”
Section 1071(a)
“…shall prescribe such rules and issue
Consumer Financial
None
(amending the Equal
such guidance as may be necessary to
Protection Bureau
Credit Opportunity
carry out, enforce, and compile data
Act (15 U.S.C. 1691
pursuant to this section” (on small
et seq.))
business data collection).
Section 1071(a)
“…by rule or order, may adopt
Consumer Financial
None
(amending the Equal
exceptions to any requirement of this
Protection Bureau
Credit Opportunity
section (on smal business data
Act (15 U.S.C. 1691
collection) and may, conditionally or
et seq.))
unconditional y, exempt any financial
institution or class of financial
institutions from the requirements of
this section, as the Bureau deems
necessary or appropriate to carry out
the purposes of this section.”
Section 1073(a)(4)
“If the Board determines that a recipient Board of
January 21, 2012 (Within
(amending the
nation does not legally allow, or the
Governors
18 months after the date
Electronic Fund
method by which transactions are made
of enactment.)
Transfer Act (15
in the recipient country do not allow, a
U.S.C. 1693 et seq.)
remittance transfer provider to know
the amount of currency that will be
received by the designated recipient, the
Board may prescribe rules…addressing
the issue….”
Section 1075(a)(2)
“…may prescribe regulations, pursuant
Board of
None
(amending the
to section 553 of title 5, United States
Governors
Electronic Fund
Code, regarding any interchange
Transfer Act (15
transaction fee that an issuer may
U.S.C. 1693 et seq.),
receive or charge with respect to an
creating a new
electronic debit transaction, to
Section 920
implement this subsection (including
related definitions), and to prevent
circumvention or evasion of this
subsection.”
Section 1075(a)(2)
“ ... may, by regulation prescribed
Board of
None
(amending the
pursuant to section 553 of title 5, United Governors
Electronic Fund
States Code, increase the amount of the
Transfer Act (15
dollar value listed in subparagraph
U.S.C. 1693 et seq.),
(A)(i)(II).”
creating a new
Section 920
Section 1075(a)(2)
“The Board may allow for an adjustment Board of
April 21, 2011 (Any
(amending the
to the fee amount received or charged
Governors
regulations must be
Electronic Fund
by an issuer under paragraph (2), if
issued in final form within
Transfer Act (15
(certain conditions are met)…. The
nine months after the
U.S.C. 1693 et seq.),
Board shall prescribe regulations…to
date of enactment.)
creating a new
establish standards for making
Section 920
adjustments under this paragraph.”
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 1075(a)(2)
“…may prescribe regulations, pursuant
Board of
April 21, 2011 (Any
(amending the
to section 553 of title 5, United States
Governors
regulations must be
Electronic Fund
Code, regarding any network fee”
issued in final form within
Transfer Act (15
(subject to certain limitations).
nine months after the
U.S.C. 1693 et seq.),
date of enactment.)
creating a new
Section 920
Section 1075(a)(2)
“…may, by regulation prescribed
Board of
None
(amending the
pursuant to section 553 of title 5, United Governors
Electronic Fund
States Code, increase the amount of the
Transfer Act (15
dollar value listed in subparagraph
U.S.C. 1693 et seq.),
(A)(i)(II)” ($10 minimum dollar value for
creating a new
acceptance of credit cards).
Section 920
Section 1076(b)
The Bureau should issue rules if it
Consumer Financial
None (Study must be
“determines through the study required
Protection Bureau
conducted within one
under subsection (a) (on reverse
year of enactment (i.e.,
mortgage transactions) that conditions
by July 21, 2011), but no
or limitations on reverse mortgage
deadline established for
transactions are necessary or
possible regulations.)
appropriate for accomplishing the
purposes and objectives of this title….”
Section 1084(3)(A)
“…shall have sole authority to prescribe
Board of
None
rules (A) to carry out the purposes of
Governors
this title with respect to a person
described in section 1029(a) of the
Consumer Financial Protection Act of
2010; and (B) to carry out the purposes
of section 920.”
Section 1088(a)
Prohibits the treatment of information
Consumer Financial
None
(amending the Fair
as a consumer report if it is disclosed as
Protection Bureau
Credit Reporting Act
“…determined to be necessary and
or applicable state
(15 U.S.C. 1681 et
appropriate, by regulation or order, by
insurance
seq.))
the Bureau or the applicable State
authorities
insurance authority (with respect to any
person engaged in providing insurance
or annuities).”
Section 1088(a)(4)(B) “…may, after notice and opportunity for Consumer Financial
None
(amending the Fair
comment, prescribe regulations that
Protection Bureau
Credit Reporting Act
permit transactions under paragraph (2)
(15 U.S.C. 1681 et
that are determined to be necessary and
seq.))
appropriate to protect legitimate
operational, transactional, risk,
consumer, and other needs….”
Section
“…shall prescribe such regulations as
Consumer Financial
None
1088(a)(10)(E)
are necessary to carry out the purposes
Protection Bureau
(amending the Fair
of this title, except with respect to
Credit Reporting Act
sections 615(e) and 628. The Bureau
(15 U.S.C. 1681 et
may prescribe regulations as may be
seq.))
necessary or appropriate to administer
and carry out the purposes and
objectives of this title, and to prevent
evasions thereof or to facilitate
compliance therewith.”
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 1089(4)
“Except as provided in section 1029(a)
Consumer Financial
None
(amending the Fair
of the Consumer Financial Protection
Protection Bureau
Debt Collection
Act of 2010, the Bureau may prescribe
Practices Act (15
rules with respect to the collection of
U.S.C. 1692 et seq.))
debts by debt collectors, as defined in
this title.”
Section 1093(3)(A)
“…shal have authority to prescribe such Consumer Financial
None
(amending Title V of
regulations as may be necessary to carry
Protection Bureau
the Gramm-Leach-
out the purposes of this subtitle with
and the Securities
Bliley Act (15 U.S.C.
respect to financial institutions and other and Exchange
6801 et seq.))
persons subject to their respective
Commission
jurisdiction under section 505,…except
that the Bureau of Consumer Financial
Protection shal not have authority to
prescribe regulations with respect to the
standards under section 501.”
Section 1093(3)(A)
“…shal have authority to prescribe such Commodity Futures None
(amending Title V of
regulations as may be necessary to carry
Trading
the Gramm-Leach-
out the purposes of this subtitle with
Commission
Bliley Act (15 U.S.C.
respect to financial institutions and other
6801 et seq.))
persons subject to the jurisdiction of the
Commodity Futures Trading
Commission under section 5g of the
Commodity Exchange Act.”
Section 1093(3)(A)
“…shal have authority to prescribe such Federal Trade
None
(amending Title V of
regulations as may be necessary to carry
Commission
the Gramm-Leach-
out the purposes of this subtitle with
Bliley Act (15 U.S.C.
respect to any financial institution that is
6801 et seq.))
a person described in section 1029(a) of
the Consumer Financial Protection Act
of 2010.”
Section 1094(5)
“ ... may, by regulation, exempt from the
Consumer Financial
None
(amending the Home
requirements of this title any State-
Protection Bureau
Mortgage Disclosure
chartered repository institution within
Act of 1975 (12
any State or subdivision thereof, if the
U.S.C. 2801 et seq.).
agency determines that, under the law of
such State or subdivision, that institution
is subject to requirements that are
substantially similar to those imposed
under this title, and that such law
contains adequate provisions for
enforcement.”
Section 1097(1)
“…shall have authority to prescribe
Consumer Financial
None
(amending Section
rules with respect to mortgage loans in
Protection Bureau
626 of the Omnibus
accordance with section 553 of title 5,
Appropriations Act,
United States Code. Such rulemaking
2009 (15 U.S.C. 1638 shall relate to unfair or deceptive acts or
note)).
practices regarding mortgage loans,
which may include unfair or deceptive
acts or practices involving loan
modification and foreclosure rescue
services.”
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 1100(6)(B)
“…is authorized to promulgate
Consumer Financial
None
(amending the
regulations setting minimum net worth
Protection Bureau
S.A.F.E. Mortgage
or surety bond requirements for
Licensing Act of 2008 residential mortgage loan originators and
(12 U.S.C. 5101 et
minimum requirements for recovery
seq.))
funds paid into by loan originators.”

Section 1204(b)
“Subject to regulations prescribed by the Secretary of the
None
Secretary under this title, 1 or more
Treasury
eligible entities may participate in 1 or
several programs established under
subsection (a)” (e.g., grants and
cooperative agreements).
Section 1209
“…is authorized to promulgate
Secretary of the
None
regulations to implement and administer
Treasury
the grant programs and undertakings
authorized by this title.”
Section 1405(a)
“…shall, by regulations, prohibit or
Board of
None
(amending Section
condition terms, acts or practices
Governors
129B of the Truth in
relating to residential mortgage loans
Lending Act)
that the Board finds to be abusive,
unfair, deceptive, predatory, necessary
or proper to ensure that responsible,
affordable mortgage credit remains
available to consumers in a manner
consistent with the purposes of this
section and section 129C….”
Section 1405(b)
“…may, by rule, exempt from or modify
Board of
None
disclosure requirements, in whole or in
Governors
part, for any class of residential
mortgage loans if the Board determines
that such exemption or modification is
in the interest of consumers and in the
public interest.”
Section 1412
“ ... may, by regulation, provide that the
Board of
None
(amending the Truth
term ‘qualified mortgage’ includes a
Governors
in Lending Act (15
balloon loan... (that meets several
U.S.C. 1631 et seq.))
specified criteria and conditions).”
Section 1412
“…may prescribe regulations that revise, Board of
None
(amending the Truth
add to, or subtract from the criteria that Governors
in Lending Act (15
define a qualified mortgage upon a
U.S.C. 1631 et seq.))
finding that such regulations are
necessary or proper to ensure that
responsible, affordable mortgage credit
remains available to consumers in a
manner consistent with the purposes of
this section….”
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 1420
“The creditor, assignee, or servicer with
Board of
None
(amending Section
respect to any residential mortgage loan
Governors
128 of the Truth in
shall transmit to the obligor, for each
Lending Act (15
billing cycle, a statement setting forth (a
U.S.C. 1638))
list of items and)…such other
information as the Board may prescribe
in regulations.”
Section 1433(e)
“…may prescribe such regulations as the Board of
None
(amending Section
Board determines to be appropriate to
Governors
129 of the Truth in
carry out the requirements of paragraph
Lending Act (15
(1)” (on pre-loan counseling).
U.S.C. 1639)
Section 1461(a)
“…may, by regulation, exempt from the
Board of
None
(amending Chapter 2
requirements of subsection (a) a
Governors
of the Truth in
creditor that (1) operates predominantly
Lending Act (15
in rural or underserved areas; (2)
U.S.C. 1631 et seq.))
together with all affiliates, has total
annual mortgage loan originations that
do not exceed a limit set by the Board;
(3) retains its mortgage loan originations
in portfolio; and (4) meets any asset size
threshold and any other criteria the
Board may establish, consistent with the
purposes of this subtitle.”
Section 1461(a)
“ ... may, by regulation, exempt from the
Board of
None
(amending Chapter 2
requirements of subsection (a) (“Escrow
Governors
of the Truth in
or Impound Accounts”) a creditor
Lending Act (15
that—(1) operates predominantly in
U.S.C. 1631 et seq.),
rural or underserved areas; (2) together
by adding a new
with all affiliates, has total annual
Section 129D)
mortgage loan originations that do not
exceed a limit set by the Board; (3)
retains its mortgage loan originations in
portfolio; and (4) meets any asset size
threshold and any other criteria the
Board may establish, consistent with the
purposes of this subtitle.”
Section 1461(b)
“…may prescribe rules that revise, add
Board of
None
to, or subtract from the criteria of
Governors
section 129D(b) of the Truth in Lending
Act if the Board determines that such
rules are in the interest of consumers
and in the public interest.”
Congressional Research Service
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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Section
Text of the Provision
Agency
Deadline
Section 1472(a)
“…may jointly issue rules, interpretive
Board of
None
(amending Chapter 2
guidelines, and general statements of
Governors, the
of the Truth in
policy with respect to acts or practices
Comptroller of the
Lending Act (15
that violate appraisal independence in
Currency, the
U.S.C. 1631 et seq.)
the provision of mortgage lending
Federal Deposit
services for a consumer credit
Insurance
transaction secured by the principal
Corporation, the
dwelling of the consumer and mortgage
National Credit
brokerage services for such a
Union
transaction, within the meaning of
Administration
subsections (a), (b), (c), (d), (e), (f), (h),
Board, the Federal
and (i).”
Housing Finance
Agency, and the
Consumer Financial
Protection Bureau
Section 1472(a)
“…may jointly issue regulations that
Board of
None
(amending Chapter 2
address the issue of appraisal report
Governors, the
of the Truth in
portability, including regulations that
Comptroller of the
Lending Act (15
ensure the portability of the appraisal
Currency, the
U.S.C. 1631 et seq.)
report between lenders for a consumer
Federal Deposit
credit transaction secured by a 1-4 unit
Insurance
single family residence that is the
Corporation, the
principal dwelling of the consumer, or
National Credit
mortgage brokerage services for such a
Union
transaction.”
Administration
Board, the Federal
Housing Finance
Agency, and the
Consumer Financial
Protection Bureau
Section 1473(d)
Al ows the appraisal subcommittee to
Appraisal
None
(amending Section
“prescribe regulations in accordance
Subcommittee
1106 of the Financial
with (the Administrative Procedure Act)
Institutions Reform,
after notice and opportunity for
Recovery, and
comment” regarding “temporary
Enforcement Act of
practice, national registry, information
1989 (12 U.S.C.
sharing, and enforcement.” Requires the
3335))
appraisal subcommittee to “establish an
advisory committee of industry
participants, including appraisers,
lenders, consumer advocates, real estate
agents, and government agencies, and
hold meetings as necessary to support
the development of regulations.”
Section 1503(d)(2)
“… is authorized to issue such rules or
Securities and
None
regulations as are necessary or
Exchange
appropriate for the protection of
Commission
investors and to carry out the purposes
of this section.”

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Rulemaking Requirements and Authorities in the Dodd-Frank Act

Author Contact Information

Curtis W. Copeland

Specialist in American National Government
cwcopeland@crs.loc.gov, 7-0632

Congressional Research Service
88