Any educated guesses on when regs will kick in?

[DespotInExile]

Rulemaking has to be an open process, so the notice and comment period will be published in the Federal Register.

[4_2_it]

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Who writes up these regs?

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According to the actual Bill:

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... the Secretary and the Board of Governors of the Federal Reserve System, in consultation with the Attorney General, shall prescribe regulations...

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Ewwwww ... I didn't realize the AG was involved. He seems hell bent on killing IG.

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I believe the AG just reviews the rules to insure they are in accordance with all existing law. The AG is NOT charged with promulgating the rules.

[adios]

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interesting to see what the banks deem "cost effective." From what has been said about what it would take to do what congress wants done, there would be a heavy cost that it appears banks wont be willing to bear

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That's something that's important to remember IMO. U.S. banks won't want to be used as quasi regulators IMO (I'm sure many in the government would be more than happy to pin this function on U.S. banks FWIW). For instance if I move money to financial entity A; then move it to financial entity B from A; and then move money from financial entity B to my favorite poker site; the banks don't want to be responsible for "monitoring" this transaction process. In the process I outlined, if financial entity A is outside the jurisdiction of the U.S. government and has no dealings with gambling sites whatsoever, there's really no way for U.S. banks to effectively "monitor" the transaction process I described IMO.

[mikeh1975]

i keep reading articles stating that the independent bankers of america made a statement that if that if they didn't have the resources to monitor these transactions then they didn't have to fully comply or something to that affect.i'd definitely be looking for a bank of that nature to do my business with.....