The process for implementing a bill involves multiple stages in the U.S. Here’s how it works in the case of Dodd-Frank and the Commodity Futures Trading Commission (CFTC).
- CFTC staff review the Dodd-Frank bill to identify rulemakings that fall within their jurisdiction.
- The staff draft proposed rules and present them during an open meeting to the five CFTC Commissioners, who vote to approve or disapprove
- If approved, the rules are published in the Federal Register and are then subject to a public comment period, which typically lasts between 30 and 60 days.
- At the conclusion of this process, the CFTC reviews the comments and may make revisions to the rules.
- The rules are again presented to the Commissioners during a public meeting and voted up or down.
- Approved rules are implemented either immediately or phased-in over a period of months or years.