270 days to do what?

MJL · #1 11-28-2006, 02:32 PM

I am aware of the bill and have scoured this forum to keep up on the issue. The bill give a 270 day deadline to enact the bill. I have not heard any thing about the next step of the regulation.

1. Who is supposed to be coming up with a plan? Each financial institution? A government agency? David Sklansky?

2. Who or what body will over see it? Homeland Security? State Banking regulators? Chris Moneymaker?

3. Are there any signs that any regulatory agency, committee, company etc is working on this?

Okay Dave S. and Chris M are a feeble attempt to add humor but I am seriously curious about this.

ChexNFX · #2 11-28-2006, 04:03 PM

Not to give an answer with an attitude, but, there have been so many posts regarding all of these questions over the last month or so it makes my eyes roll to the back of my head.

MJL · #3 11-29-2006, 12:47 AM

Maybe you could link some? I haven't seen any regarding this specific issue.

Self Made · #4 11-29-2006, 05:42 AM

The Secretary of the Treasury and Board of Governors of the Federal Reserve System, in consultation with the Attorney General, will prescribe regulations requiring designated payment systems to block restricted transactions.