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Mother Jones
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Four years ago today, with a who’s who of congressional Democrats standing over his shoulder, President Barack Obama signed into law the Dodd–Frank Wall Street Reform and Consumer Protection Act, hailing it as the answer to preventing future financial meltdowns. “For years,” the president said at the signing ceremony, “our financial sector was governed by antiquated and poorly enforced rules that allowed some to game the system and take risks that endangered the entire economy.”
But, years later, much of Dodd-Frank has not been implemented and the risks to the economy remain. According to law firm Davis Polk, which has been tracking the law, just 52 percent of the rules mandated by Dodd-Frank have been finalized by federal regulators. Another 23 percent have been proposed but not yet ironed out, and regulators haven’t even gotten around to crafting 96 required rules—24 percent of the total bill.
Much of Dodd-Frank remains to be implemented Davis Polk
Former Massachusetts congressman Barney Frank, co-author of the law, isn’t too concerned with the slow rollout. “Not all rules are equal, in the first place,” he said. “In fact, the rules are being steadily approved. And it’s also the case that the financial institutions are abiding by some of those rules in principle even before they’re adopted, because if you’re a large financial institution you’re not going to try to take advantage of a little bit of a delay and then have to stop things when it happens.”
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