Nearly four years after the bill was signed into law, almost half of the rules mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act have yet to be completed, according to a monthly report by Davis Polk & Wardwell as cited in the Wall Street Journal.
The Dodd-Frank Act, passed in July 2010 in response to the 2008 financial crisis, requires several regulatory agencies—among them the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission—to write rules overhauling the financial industry. Derivatives, mortgage reforms and asset-backed securities offerings are among the categories to which the rules should apply.
