Happy Birthday, Dodd-Frank! You’ve made it to four years, and most of the country still isn’t entirely sure what it is you do.
Monday marks the four-year anniversary of the passing of the Dodd-Frank bill, the one designed to fix the problems that led to the credit crisis late last decade.
It hasn’t exactly been a cakewalk to get here, though. According to a progress report from the law firm Davis Polk, 280 of the 398 rulemaking requirement deadlines have passed. Of those, nearly half, 127 deadlines, have been missed. Rules haven’t even been proposed in 24% of the total rulemaking requirements.
The most progress has been made in finalizing rules at the Commodities Future Trading Commission, where 50 out of 60 rules have been finalized. Things are not so good at bank regulators, or the Securities and Exchange Commission where 70 out of 135 rules, and 42 out of 95 rules, have been finalized, respectively.
Created as a result of the financial crisis of 2007-2009, Dodd-Frank was supposed to address calls for reforms on Wall Street and make sure another similar crisis doesn’t happen.
Things could get interesting again this week as the always entertaining Barney Frank (D-Mass.) will be returning to the Hill on Wednesday to testify about the law that will almost certainly be in the first paragraph of his obituary.