The Treasury is hitting back against critics of Dodd-Frank Act who have complained that the volume of new financial regulations and the delays in writing them are holding back lending and hurting the economy.
A recent report from the Davis-Polk law firm showed regulators have missed the deadline on 78 percent of the 400 rules and regulations required under Dodd-Frank, including 12 percent, or 25 rules, where the deadline has been missed but the rules have not even been proposed.
In response to a CNBC request for comment, a Treasury spokesman said the real uncertainty comes from those seeking to repeal the sweeping financial regulatory reform law.
“Current calls to repeal Wall Street reform are a significant cause of the uncertainty that responsible business leaders are seeking to avoid,” the spokesman said. “Once it is fully implemented, Wall Street reform will improve market certainty, strengthen the financial system, help boost the economy, and provide better protections for taxpayers.”
The Treasury also cited recent Senate testimony by Deputy Secretary Neal Wolin, who said regulators are trying to balance speed with the need for public comment and time to get it right.
“The Dodd-Frank Act is designed to help protect our economy for generations,” the spokesman said. “Many of its reforms involve some of the most complex areas of finance.”Page 1 of 3 | Next Page