Dodd-Frank at 3: Accepting Uncertainty

Dodd-Frank at 3: Accepting Uncertainty

July 21, 2013, marks the third anniversary of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA). In advance of the anniversary, the media is once again posing the same question it asked for the first two anniversaries: “What is taking so long?” As in the past, the media answers its own question, at least in part, by noting that the law’s timetable was not realistic to begin with given the extensive burden it placed on the regulators to promulgate hundreds of complex rules. The media also acknowledges a further complication: A number of the regulations require consensus by more than one regulatory body. This time, however, the stories seem to be tinged with a bit more outrage: “But now that deadlines appear to have little meaning, it’s very hard for the financial industry to know when anything is happening, which creates a damaging sense of uncertainty.”

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