DELAYING DODDFRANK TROUBLE FOR WEALTH-CARE REFORMS

摘要

Imagine the fine that the Securities and Exchange Commission would slap on a Wall Street firm for missing a reporting deadline by a whole year. Yet there were the SEC and other financial regulators blowing off a July 16 deadline, and giving themselves a 12-month extension, for submitting rules to enforce the Dodd-Frank act. The delay was as inevitable as the collapse of the subprime mortgage market. In June law firm Davis Polk & Wardwell reported that only 24 of the 385 rules had been written. Regulators are so overburdened by the task of translating the Domesday Book-size law into workable regulations that officials confide they are not sure when they will be able to finish the task.