Fewer than three-quarters of the rules required by the 2010 Dodd-Frank financial reform law have been written and finalized at the law’s sixth anniversary, according to a report released Tuesday.
Of the 390 new rules required by the sweeping law, 274, or 70 percent, have been finalized, according to the law firm Davis Polk, which closely monitors the implementation of the signature Wall Street reform law.
Partly because of a concerted effort to finish writing the rules, another 36 have been proposed but have yet to be finalized.
President Obama signed the bill, known for its authors Sen. Chris Dodd, D-Conn., and Rep. Barney Frank, D-Mass., into law on July 21, 2010.
Like Obamacare, the financial reform law has remained controversial years later. In the Republican platform published Monday, the party described it as a regulatory “Godzilla” harming small banks and crimping business growth.
Democrats and advocates of the law, meanwhile, have begun defending the law’s performance ahead of Thursday’s anniversary.
Along with the political obstacles to some of the rules mandated by Dodd-Frank, another factor slowing down their implementation was their complexity. Some required multiple agencies to coordinate on complicated reforms.
Of the rules left to be written, many pertain to regulations on derivatives trades and home loans. There are also still a number of rules left for the Consumer Financial Protection Bureau, an agency created by the law, although they did not come with deadlines.
