NU Online News Service, Feb. 17, 11:18 a.m. EST

Republican members of the Senate Banking Committee are asking federal banking and securities regulators to slow down implementation of the Dodd-Frank financial services reform law.

The legislators sent a letter to banking regulators asking for at least 60 days of comments for interested parties, citing concerns that regulators should not "sacrifice quality and fairness in exchange for speed."

Signors of the letter included Sen. Richard Shelby, R-Ala.; and Mike Crapo, R-Idaho, two of the ranking members of the committee.

Recipients included Ben Bernanke, chairman of the Federal Reserve Board; Timothy Geithner, secretary of the Treasury; and Mary Schapiro, chairman of the Securities and Exchange Commission.

The letter also went to the heads of the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, and the acting Comptroller of the Currency.

The Republican legislators asked that the regulators answer several questions, including whether they are providing at least 60 days of comment on all proposed rules and studies, as required by the law. They also inquired about the steps the agencies are taking to ensure that the rules being adopted "are the least burdensome way to achieve the statutory mandate."

Related Content: More Dodd-Frank News and Analysis

The letter also requested that regulators explain the steps the agencies are taking to ensure that all "empirical data and economic analyses submitted by commenters are thoroughly considered" before a final rule is adopted, and asked what steps are being taken to ensure that proper cross-agency coordination occurs when promulgating joint rules.

The legislators said they are sending the letter because they are concerned "that regulators are not allowing adequate time for meaningful public comment on their proposed rules."

They added, "We also believe that regulators are not conducting rigorous analyses of the cost and benefits of their rules and the effects those rules could have on the economy. The potential harm to our already weak economy and the public from ill-conceived rules cannot be underestimated."

The legislators also cited comments by Republican SEC commissioners saying that the agency staff study on the need for a fiduciary standard called for a "more rigorous analysis" than that which occurred before the study was released in late January.

The Dodd-Frank law mandated that the study be published Jan. 21. The study was released at 11:30 p.m. that night.