Though the 2010 Dodd-Frank Act was enacted two years ago, only approximately 30 percent of the law’s mandated provisions have taken effect while the law itself has turned into close to 9,000 pages of rules.
The law originally began with 848 pages, but regulators have added and altered the provisions, expanding the bill to 8,843 pages. The rules contained within those pages account for only 30 percent of all rule-makings mandated under Dodd-Frank.
The Dodd-Frank Progress Report released by law firm David Polk & Wardell LLP revealed that as of July 18, 55 percent of all Dodd-Frank rule deadlines have passed. Regulators have not issued proposals for 19 of the 136 rules with missed deadlines.
Of all regulators, the Commodity Futures Trading Commission leads with the most number of finalized rules relative to those the commission is responsible for implementing. Out of 60 rules assigned to the CFTC, the regulator has finalized 41 of those rules.
The Securities and Exchange Commission, however, is lagging in its issuance and implementation of Dodd-Frank provisions. Of the 95 rules assigned to the SEC, only 28, or less than 30 percent, of those rules have been finalized.
Regulation of the derivatives industry accounts for a majority of all provisions at 3,363 pages, followed by consumer protection provisions at 1,561 pages, private funds at 820 pages and systemic risk at 379 pages. The controversial Volcker Rule, a provision that prohibits banks from engaging in proprietary trading, stands at 268 pages by itself.