The Federal Reserve Board plans to lay out a package of reform proposals for comment this summer to meet its implementation deadline of 2012.
In testimony released a day early, Fed Chairman Ben Bernanke said the aim of the central bank is to bundle several upcoming rules in order to reduce systemic risk in the financial system.
"Our goal is to produce a well-integrated set of rules that meaningfully reduces the probability of failure of our largest, most complex financial firms, and that minimizes the losses to the financial system and the economy if such a firm should fail," Bernanke is expected to tell the Senate Banking Committee in testimony on Thursday.
Under Dodd-Frank, the Fed is responsible for writing hundreds of rules and guidelines. Last year, Bernanke told the committee that the Fed had identified 250 projects it would need to undertake as a result of the regulatory reform law.
"A major thrust of the Dodd-Frank Act is addressing the too big to fail problem and mitigating the threat to financial stability posed by systemically important financial firms," said Bernanke.
Separately, he said the Financial Stability Oversight Council (FSOC), which the Fed is a member of, is in the process of seeking comment on a proposal to designate nonbank financial firms as systemically important. The interagency council, he said, has also started systemically monitoring risks to financial stability and is preparing its inaugural annual report to Congress.
Bernanke will be testifying alongside other regulators on the progress made by the FSOC in its efforts to identify risky nonbank financial firms.