The write-downs have caused ratings agencies to issue rebukes.
More than 40 provisions of the law require or permit agencies to issue rules.
America's Dodd-Frank act is a single overarching law that directs agencies to issue more detailed regulations.
The process has to begin with some immediate restraining of the unopposed power of rating agencies to issue unilateral commands.
Drafts of the proposed Volcker Rule, implementing Section 619 of the Dodd-Frank Act, have begun circulating in advance of a vote by the federal agencies to issue the proposal.
But in the long run, argues Michael Grubb of Cambridge University, countries need independent agencies to issue the permits, just as there are independent central banks to issue money.And if governments refuse?
To some degree, Europe's backing of Greece may relieve some of the doubts that have driven the ratings agencies to issue warnings about several European countries — like Italy, Spain, Portugal, Ireland.
Assemblyman Sam Hoyt of Buffalo, chairman of the committee with jurisdiction over the law, said renewal of the provision allowing industrial development agencies to issue bonds on behalf of nonprofits had become snarled in a broader debate.
