Compliance Bits & Pieces for December 16

These are some compliance related stories that caught my attention:

Dodd-Frank Rules Will Crush Employment, Banks Warn by Paul Sperry for Investors Business Daily

Job-killing bank regulations threaten to wipe out all the gains in private-sector employment since the recovery began, the industry warns. Washington, however, is hiring thousands more bureaucrats to enforce the rules. Signed into law last year, the Dodd-Frank Act is the biggest rewrite of financial regulations since the New Deal. It was intended to rein in Wall Street “excesses.” But the banking industry says burdensome red tape is hurting economic growth and jobs in a still-sluggish labor market.

The SEC’s Plan of Operations In the Event of a Government Shutdown by Vanessa Schoenthaler in 100 F Street

Faced, yet again, with the possibility of a government shutdown (tomorrow at midnight), the Securities and Exchange Commission has published its latest Plan of Operations During a Lapse in Appropriations.

SEC Reform After Dodd-Frank and the Financial Crisis by Commissioner Daniel M. Gallagher

The Dodd-Frank Act presented an opportunity to make changes that could have served the U.S. capital markets very well. Indeed, the 2,319 pages of legislation were meant to address the problems associated with the Financial Crisis. It was both expected and necessary that Congress respond to those events. Although the full impact of the legislation will not be known for years as regulators toil on the implementation of the Act, it is becoming clear that the SEC will need to focus on a number of issues within the Commission’s core competencies that were not addressed in the legislation.

Feds Probe Richardson For Alleged Pay-To-Play Scheme by in the Christopher Matthews WSJ.com’s Corruption Currents

A federal grand jury in Albuquerque has been looking into “pay to play” complaints from former and current state officials, people familiar with the matter told the Journal. The officials contend in court filings and interviews that Richardson’s close allies steered more than $2 billion of public money into investment funds run by money managers who in turn agreed to pay millions of dollars in consulting fees to high-profile Democratic fund-raisers and other supporters of Richardson.

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