As with any rulemaking, conceded the Senators, different agencies may have their own perspectives on various provisions. While cautiously pleased to see reports that a consensus is emerging, they are concerned that some ongoing staff-level differences may be obstructing progress. Noting that the time for resolving those differences is long overdue, the Senators urged the regulators to move quickly, make the final adjustments needed to simplify and strengthen the October 2011 proposal, and bring the process to a conclusion. The final regulations needed to implement the ban on high-risk trading and conflicts of interest should be issued without delay, they emphasized, and no later than the end of the year, so that financial institutions can speed the process of eliminating the risks and conflicts of interest that continue to endanger the U.S. financial system.
If because of differing agency procedures or timelines, not all of the regulators can finalize the rule simultaneously, they noted, so be it, adding that the statute was constructed with that possibility in mind. The Senators are confident that if the majority of regulators act, any remaining agency or agencies will soon follow suit.