I’m so old I can remember Obama making a big deal of Dodd-Frank as a difference between himself and Mitt Romney when they were running against each other in 2012.
Of course, Romney wasn’t ready to point out how the law was a piece of corruption that didn’t even mention the Fannie Mae or Freddie Mac—which was not surprising given Chris Dodd’s special relationship with Fannie Mae.
Still, the law was passed and Obama boasted about it. He made hay that Mitt Romney wanted to repeal the law.
Well, for a guy who loves his law, Obama has a funny way of showing his affection.
“More than half of the law’s 279 deadlines so far — 61.6 percent — have been missed by July 15, according to a new report. The law firm Davis Polk has been publishing reports on Dodd-Frank’s progress for a while now, and they explain “the pace of rulemaking has been remarkably consistent over the past three years” — but it’s been consistently far behind the pace actually set by the law. Since the deadlines are dispersed, some months have been particularly rough — April 2011 saw regulators hit a serious cold streak, missing 26 deadlines that month. Dodd-Frank requires a variety of federal agencies — the SEC, the Fed, the Commodities Futures Trading Commission, etc. — to actually write the new financial-market rules that Congress merely outlined in the 2010 law. Three years after the law was passed, not even half of the law’s rules have been finalized”
I have no idea if the delays are a net gain or loss for the American people. I suspect the banksters make out like bank-owning bandits and the economy is wrecked for the rest of us no matter what happens. But it is interesting that this report also deals with Obamacare, in which about half the implementation deadlines have also been missed. And, as in the case of Obamacare, one really has to wonder if Dodd-Frank is really “a law,” strictly speaking, at all. It seems designed to function more a mandate for a bunch of the pirate legislatures (or legislators) floating around in our Federal bureaucracies to make a bunch of new laws (“regulations”) that are all supposed to magically work together to form a coherent and comprehensive protection of the American financial system—a perverse (and impossible) application of E Pluribus Unum.
For those who have the time here is a brief talk that shows some of the problems with Dodd Frank: