Regulators had issued final rules for about 75% of the 236 provisions of the Dodd-Frank Act monitored by the Government Accountability Office (GAO) as of December, according to a Dec. 29 report by the congressional watchdog agency on federal agencies’ efforts to analyze and coordinate their recent final rules called for under the 2010 legislation.
The Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111–203, H.R. 4173; commonly referred to as Dodd–Frank) was passed by Congress in response to the Great Recession of 2007-08. The reforms the law put into place have been referred to as “the most significant changes to financial regulation in the United States since the regulatory reform that followed the Great Depression.”
In its report (the sixth in a series of reports on the implementation of the legislation, called for under the Dodd-Frank Act itself), GAO stated that “the full impact of the Dodd-Frank Act remains uncertain because some of its rules have not been finalized and insufficient time has passed to evaluate others.” GAO also stated that it makes no new recommendations in its latest evaluation, but added that it “continues to monitor the implementation of five prior recommendations intended to improve, among other things, financial regulators’ cost-benefit analysis, interagency coordination, and impact analysis associated with Dodd-Frank regulations. Not all regulators have implemented these recommendations.”
GAO report: Agencies’ Efforts to Analyze and Coordinate Their Recent Final Rules under Dodd-Frank