Regulators did not meet roughly three-quarters of the deadlines for implementing Dodd-Frank Act rules during 2011, according to a recent report from the law firm of David Polk.
Of the 200 deadlines that have already passed, regulators have only met 41 of them. In addition, another 200 rules must still be written and implemented, TheHill.com reports.
Regulators have struggled to get the rules out the door as their budgets, they complain, are not sufficient to cover all of their rule-making costs.
The Commodity Futures Trading Commission was charged by the Dodd-Frank Act with conducting new oversight over the financial derivatives market. In order to assist with the new responsibilities, the White House requested a 50 percent increase from its previous budget. Lawmakers, however, froze the CFTC’s budget at just $205 million.
The CFTC has already missed more than half of its deadlines, according to TheHill.com.
The Securities and Exchange Commission, also charged with implementing Dodd-Frank rules, received significantly less from Congress than the White House requested as well.
The White House asked for a $1.4 billion budget for fiscal year 2012, while Congress only approved $1.3 billion. The SEC has missed 81 percent of its Dodd-Frank deadlines.
Republicans who control the House of Representatives this session generally oppose the Dodd-Frank Act. Political experts say they have been using their appropriation power to stifle its implementation by freezing regulators’ budgets.