Federal regulators have already written 13,789 pages and 15 million words in implementing the Dodd-Frank financial reform legislation, and they are not at the halfway mark.
Davis Polk, a Wall Street law firm, released a report on Friday that found that what has been written so far “is equal to 42 words of regulations for every single word of the already hefty law, spanning 848 pages itself.” In addition, “the work implementing the law is just 39 percent complete.”
President Barack Obama signed Dodd-Frank into law three years ago after the financial crisis and said Wall Street regulators would have to be “vigilant.”
Critics have asserted the regulations have created even more bureaucracy and favor big banks and financial institutions that can hire an army of lawyers needed to understand the bill. All this while hurting small business and banks that cannot do the same.
Photo source: House.gov