So he had Mary Jo and Gary and Co. over for tea yesterday, just to make sure they knew that he wasn't playing a big joke on everyone when he signed Dodd-Frank three years ago, and that he's not paying them to not write the rules they've been mandated to write.
President Barack Obama pressed financial regulators Monday to complete post-financial crisis rules aimed at protecting the financial system against future shocks.
Mr. Obama "stressed the need to expeditiously finish implementing the critical remaining portions of Wall Street reform to ensure we are able to prevent the type of financial harm that led to the Great Recession from ever happening again," according to a White House statement after the meeting.
Regulators have been slowed by industry lobbying, agency disagreements, budget constraints and legal challenges. Just 38.9% of the rules required by the 2010 Dodd-Frank financial law—many of which were supposed to be in place by July 2012—were finished by July 1, according to law firm Davis Polk & Wardwell LLP, and more than 60% of the law's deadlines for rules have been missed….
Some big tasks remain unfinished, including the so-called Volcker rule intended to prevent banks from making risky bets with their own money and a requirement that banks retain a portion of the mortgage securities they sell to investors. The Securities and Exchange Commission has yet to finish a number of Dodd-Frank rules, including ones to determine how much money brokerages must set aside to insulate against losses on their swap trades, measures aimed at preventing a repeat of the problems that nearly collapsed the insurer American International Group Inc. in 2008.
"It has astonished me, the lack of leadership, the lack of sense of purpose and direction," Sheila Bair, the former chairman of the Federal Deposit Insurance Corp., said in an interview.