Having reached a grand deal on the biggest overhaul of financial regulation since the 1930s, Congress will soon turn the details over to government agencies, assigning them billion-dollar decisions outside the public's glare.
"Congressional consideration of legislation is like a short brutal battle, compared to the trench warfare of implementing a new law," says Travis Plunkett, legislative director of the Consumer Federation of America.
The financial overhaul bill requires regulatory agencies to pass 350 rules, conduct 47 studies and issue 74 reports, according to the U.S. Chamber of Commerce. The 2002 Sarbanes-Oxley accounting reforms required just 16 rules and six studies.
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