Two-thirds of Dodd-Frank still not in place

[UnrepentantLiberal]

By Jennifer Liberto
CNN
July 21, 2012

WASHINGTON - Two years after Congress enacted sweeping reforms intended to rein in risky practices on Wall Street, only a third of the new rules are actually in force.

The rest of the so-called Dodd-Frank rules are either stuck in a regulatory bog, ready-to-go but delayed, or substantially weaker than originally envisioned after pressure from financial industry lobbyists, according to data compiled by the law firm Davis Polk.

Former FDIC chief Sheila Bair said the reforms are "drowning in a sea of complexity." Regulators charged with carrying out the rules aren't doing their job in a "muscular enough" way, she added.

Even some top bank CEOs recognize that the regulatory process has been slow after Congress punted many of the more controversial decisions to regulators.

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