How will Dodd-Frank implementation impact banking industry?

Regulators are completing final elements of the Dodd-Frank Act, and the new financial regulation rules are set to go into effect soon. What will these rules accomplish in terms of monitoring the banking industry and what items does the Act will miss? How can we make regulation simpler and more effective?

From The New York Times:

After spending three years and hundreds of millions of dollars attacking a bevy of new rules, Wall Street is begrudgingly gearing up for a new, if more mundane, phase of federal oversight.

Regulators are putting the finishing touches on the Dodd-Frank Act, the sprawling regulatory overhaul, leaving lawyers and compliance officials to steer banks through the new era. The specialists are drawing up training manuals and interactive programs to guide traders, prodding regulators to clarify the minutiae of new rules and, when all else fails, begging for more time.

"Next year is about one word: implementation," said Gary Gensler, chairman of the Commodity Futures Trading Commission, which is writing derivatives trading rules under Dodd-Frank. "We've gone from a general law to the specific rules to the superspecific rollout."

Gretchen Morgenson, assistant business and financial editor and columnist at The New York Times, will join The Daily Circuit Monday to talk about the roll out and implementation of the new regulations.

READ MORE ABOUT DODD-FRANK:

Wall Street is bracing for the Dodd-Frank rules to kick n (New York Times)

For Obama, no easy fix for convoluted regulatory system (New York Times)

Gretchen Morgenson: We need an FDA for financial products (Business Insider)

Study shows a pattern of risky loans by F.H.A. (New York Times)

How to prevent a financial overdose (New York Times)

How 'reckless' greed contributed to financial crisis (Fresh Air)

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