William Donovan, vice president of investments at the U.S. Steel Pension Fund, complained about the personnel resources and data collection costs to be generated by the new rules. "We'd be anticipating that the buy-side doesn't have to report, but has to be prepared to report in case the sell-side doesn't," he said. The "two-and-a-half people" on his staff that would be available for this function "would have to do all this, taking away time from investing."

But not everybody present favored weakening or delaying the proposed rules.

Heather Slavkin, senior legal and policy advisor at the AFL-CIO office of investment, said she participated in the panel to try to ensure that "folks like my members don't have to pay their taxpayer dollars to support another bailout." She added, "These nitpicks are ignoring this."