“When Treasury Secretary Jack Lew met bank executives earlier this month, he complained about the perception that not much progress has been made on reforms aimed at preventing the next financial crisis, according to people familiar with the matter.

“One culprit he pointed to was the monthly progress report put out by law firm Davis Polk & Wardwell, which tracks how many rules have been finalised by US regulators out of the hundreds mandated by the Dodd-Frank legislation passed in 2010.

“The seemingly innocuous report and related regulatory tracker, which keeps tabs on all the pieces of the Dodd-Frank bill, have become a prominent sore point for US regulators. The reports are often cited by critics as evidence that little has been done since the financial crisis in 2008.

“Those criticisms are partly why Mr Lew has been stepping up pressure on US regulators to get more final proposals done. He told bank executives, who were meeting President Barack Obama to discuss the debt ceiling deadline, that the highly anticipated Volcker rule addressing proprietary trading was on track to be done by the end of this year. The US government shutdown has not affected that timeframe, people familiar with the matter said.”

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