Obama is even further behind on Dodd-Frank deadlines

Patrick Brennan:

A Congressional Research Service report this week revealed that the Obama administration has missed precisely 50 percent of its deadlines in implementing Obamacare — and with the Dodd-Frank financial-reform law, they’re doing even worse. 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 DavisPolk 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....
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This administration appears incapable of meeting deadlines.  It could be because the laws Obama signed were so unrealistic in their phase in timeline.  Dodd-Frank is a useless law anyway.  It was part of a massive cover up by Dodd and Frank to hide their culpability  in the housing fiasco and the Democrats attempt to shift blame to bankers.