Congress passed legislation in 1992 directing the E.P.A. to propose the regulation, but the agency did not finish the rule until 2008, after environmental and public interest groups filed a lawsuit to pressure the agency to issue it.
The agency planned to finish the rule earlier this year, but delayed the changes amid a fierce lobbying campaign by Jon S. Corzine, who at the time was the chief executive of MF Global.
Warren's office was happy to accept the SEC's pledge to finish the rule by the fall.
We at Oxfam America will be appearing in court today opposite the Securities and Exchange Commission SECC), which has yet to finish the rule to put an oil and mining transparency law Congress passed with bipartisan support nearly five years ago into force.
"In the OMB report released two weeks ago, the SEC predicted that it would be delaying the rule until April 2016, so Senator Warren is pleased that the SEC has reversed course and is now publicly committing to finish the rule this fall," Warren spokeswoman Lacey Rose told HuffPost Wednesday.
Jill Sommers, a Republican official at the agency, warned on Thursday that the agency was "haphazardly" finishing the rules to meet "arbitrary deadlines".
Parts of the Jumpstart Our Business Startups Act won't go into effect until the SEC finishes the rule-writing phase.
BLOOMBERG NEWS Volcker Rule Expecteded to Be Completed Next Year | Regulators had aimed to finish the Volcker Rule by the end of this year, but officials are now indicating that the regulation probably will not be completed until the first quarter of 2013, according to CNBC.
