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A Plea for the Technical Corrections Bill

By Anonymous

As I noted on Twitter the other day, Dodd-Frank unfortunately did not address my #1 issue for financial reform: the fact that 12 C.F.R. Part 212 isn't called "Regulation L." I'm only half-joking, because this has been bothering me for years. You see, the banking regulations are divided into different subparts, and the subparts are known as "Regulation A," "Regulation B," "Regulation C," all the way through Reg Z (the last one is actually Reg GG). This isn't just an informal system, it's actually in the official Code of Federal Regulations ? the official title of 12 C.F.R. Part 201, for example, is "Extensions of Credit by Federal Reserve Banks (Regulation A)." But for some reason, Part 212, which alphabetically should be Reg L, is just titled "Management Official Interlocks." So there's a Reg A?B and M?Z, but no Reg L. This, obviously, is madness.

Obviously this was just a mistake (and some people call Part 212 "Reg L" anyway), but it's such a glaring mistake that it absolutely kills me that it's never been fixed (yeah, I'm OCD about this kind of stuff). It's been almost 30 years now. Clearly, the regulators are never going to fix this ? despite occasional polite requests from a goodhearted lawyer.

So to any Congressional staffers who may be reading: Please, for the love of all that is good and holy, fix this Heinous Blight in the technical corrections bill for Dodd-Frank. You will have the eternal gratitude of....well, probably just me.

Full post as published by Economics of Contempt on July 24, 2010 (boomark / email).