The American Benefits Council and the Committee on Investment of Employee Benefit Assets have expressed concern that a private derivatives regulatory group headed by the Federal Reserve may weaken regulations under the Dodd-Frank Act. In a letter to William Dudley, president of the Federal Reserve of New York, the two pension plants stated that the panel of international banking supervisors raises issues about “a secondary regulatory process that could undermine the public regulatory process,” as it plans to deal only with a “discrete group of members, with which the Fed has been accused of being too close.
