“More than half of the Dodd-Frank financial reform law has been fully implemented three and a half years after its enactment.
“As of Jan. 2, 50.5 percent of all Dodd-Frank rules have been finalized, according to outside analysisby the law firm Davis Polk. Regulators have proposed rules for another 21.9 percent of the Wall Street overhaul’s rule-making requirements, leaving 27.6 percent of the law still untouched by regulators.
“Furthermore, regulators have now passed all 280 deadlines stipulated by the law. But that does not mean they have met all those deadlines. According to Davis Polk, regulators have met slightly more than half of the statutory deadlines of the law, 52.9 percent. Of the 47.1 percent of deadlines that have come and gone, regulators have not yet proposed any rule for 42.4 percent of them.
“December was a significant month for financial regulators on the Dodd-Frank front, with five watchdog agencies coming together to finalize rules implementing one of the law’s most significant, and contentious, provisions.
“Regulators finalized rules implementing the “Volcker Rule,” a ban on risky proprietary trading by banks, after years’ of work and significant pushback from the financial industry. However, those rules are already being revisited as regulators have agreed to reconsider a small, specific portion of the rules after the financial industry said it could improperly hurt small community banks not targeted by the provision.”
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