Federal agencies missed 79.4 percent of the deadlines set by Congress for Dodd-Frank reforms, according to a new report from Public Citizen, a consumer watchdog group. The group also claims that the rules that have been completed “fall short of providing the level of protection that Congress called for in the law,” and that “many of the very problems that prompted the passage of Dodd-Frank continue to endanger our economic stability.” The report highlights specific concerns, including derivatives, executive compensation, and the fear that banks remain “too big to fail.”
The report specifically notes that the SEC has met 4 out of 32 deadlines for Dodd-Frank rulemaking. The group cited litigation as a significant factor in the pace of lawmaking, and highlighted a 2011 case in which the SEC’s proxy access rule was struck down on grounds that the agency’s cost-benefit analysis of the rule was inadequate. The group claims that, in response to the challenge, the agency “has slowed rulemaking considerably.”
The full report can be found here.