In the 15 months since the Dodd-Frank financial reform bill was passed, federal agencies responsible for implementing the bill have missed a total of 77 percent of the rule-making deadlines.
"A president that wants something as complex as this to take place has to devote an incredible amount of his resources and political capital to getting it done," a former SEC head told Politico.com. "Left to the legislators and regulators, it will sink and rot in the miasma of dialogue and debate."
Officials cannot agree on what the delay means, with Democrats alleging that Republicans are simply stalling in the hope that they will take the Senate and the White House next fall, which would allow them to erase the reforms.
Republicans, however, counter that the federal agencies simply aren't equipped to meet the deadlines.
"The bad thing is that the deadlines are not reasonable or realistic,” a GOP aide told Politico.com. "The delay is from the regulators. We’re not controlling them."
Republicans have so far refused to confirm the appointment of Richard Cordray as the head of the Consumer Financial Protection Bureau pending changes it wants at the new agency.
Some in the Treasury have said that ensuring that the reforms are done correctly is more important than sticking to a schedule.
“We want quality and speed, but we’re not going to sacrifice quality for speed,” a deputy Treasury secretary told Politico.com.