NU Online News Service, Feb. 17, 11:18 a.m.EST

Republican members of the Senate Banking Committee are askingfederal banking and securities regulators to slow downimplementation of the Dodd-Frank financial services reform law.

The legislators sent a letter to banking regulators asking forat least 60 days of comments for interested parties, citingconcerns that regulators should not "sacrifice quality and fairnessin exchange for speed."

Signors of the letter included Sen. Richard Shelby, R-Ala.; andMike Crapo, R-Idaho, two of the ranking members of thecommittee.

Recipients included Ben Bernanke, chairman of the FederalReserve Board; Timothy Geithner, secretary of the Treasury; andMary Schapiro, chairman of the Securities and ExchangeCommission.

The letter also went to the heads of the Commodity FuturesTrading Commission, the Federal Deposit Insurance Corporation, andthe acting Comptroller of the Currency.

The Republican legislators asked that the regulators answerseveral questions, including whether they are providing at least 60days of comment on all proposed rules and studies, as required bythe law. They also inquired about the steps the agencies are takingto ensure that the rules being adopted "are the least burdensomeway to achieve the statutory mandate."

RelatedContent: More Dodd-Frank News and Analysis

The letter also requested thatregulators explain the steps the agencies are taking to ensure thatall "empirical data and economic analyses submitted by commentersare thoroughly considered" before a final rule is adopted, andasked what steps are being taken to ensure that proper cross-agencycoordination occurs when promulgating joint rules.

The legislators said they are sendingthe letter because they are concerned "that regulators are notallowing adequate time for meaningful public comment on theirproposed rules."

They added, "We also believe that regulators are not conductingrigorous analyses of the cost and benefits of their rules and theeffects those rules could have on the economy. The potential harmto our already weak economy and the public from ill-conceived rulescannot be underestimated."

The legislators also cited comments by Republican SECcommissioners saying that the agency staff study on the need for afiduciary standard called for a "more rigorous analysis" than thatwhich occurred before the study was released in late January.

The Dodd-Frank law mandated that the study be published Jan. 21.The study was released at 11:30 p.m. that night.