Two years after President Obama signed the 848-page Dodd-Frank
Wall Street Reform and Consumer Protection Act, only a third of the
nearly 400 required regulations have been finalized, and critics say the
ensuing uncertainty is retarding economic growth.
According to a July 18 report from law firm Davis Polk, 123 of the 398 rules required by Dodd-Frank have been finalized, but 141 rules have not been proposed at all.
Regulators have missed more than 60 percent of the stipulated rulemaking deadlines, the report states.
“Dodd-Frank was run through Congress with very little debate [in 2010],” said John Berlau, a Senior Fellow at the Competitive Enterprise Institute who focuses on the relationship between public policy and entrepreneurship and investing.
Dodd-Frank was a hastily crafted response to the 2008 financial crisis, Berlau said, full of requirements that legislators did not take the time to read and regulators were unprepared to meet.
Critics of the financial reform have characterized Dodd-Frank as, “Too big not to fail,” and have cited the high cost of complying with new regulations as a potential drag on the economy.
Dodd-Frank has cost the finance industry $7 billion in compliance costs alone since its passage by mandating thousands of pages of regulatory paperwork, according to a July 17 Financial Services Roundtable report.
The Financial Services Roundtable report also estimated that one key provision of Dodd-Frank, the Volcker Rule, could cost American businesses $315 billion and increase annual borrowing costs by $43 billion.
Read more: http://freebeacon.com/dodd-frank-two-years-later/
According to a July 18 report from law firm Davis Polk, 123 of the 398 rules required by Dodd-Frank have been finalized, but 141 rules have not been proposed at all.
Regulators have missed more than 60 percent of the stipulated rulemaking deadlines, the report states.
“Dodd-Frank was run through Congress with very little debate [in 2010],” said John Berlau, a Senior Fellow at the Competitive Enterprise Institute who focuses on the relationship between public policy and entrepreneurship and investing.
Dodd-Frank was a hastily crafted response to the 2008 financial crisis, Berlau said, full of requirements that legislators did not take the time to read and regulators were unprepared to meet.
Critics of the financial reform have characterized Dodd-Frank as, “Too big not to fail,” and have cited the high cost of complying with new regulations as a potential drag on the economy.
Dodd-Frank has cost the finance industry $7 billion in compliance costs alone since its passage by mandating thousands of pages of regulatory paperwork, according to a July 17 Financial Services Roundtable report.
The Financial Services Roundtable report also estimated that one key provision of Dodd-Frank, the Volcker Rule, could cost American businesses $315 billion and increase annual borrowing costs by $43 billion.
Read more: http://freebeacon.com/dodd-frank-two-years-later/
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