The sluggish implementation of the Dodd-Frank financial reform law has made it “impossible” for businesses to “know the rules of the road,” charges the U.S. Chamber of Commerce in a new scorecard obtained first by The Hill.
The nation’s largest business lobby said it has major concerns about how the financial reform law is playing out, nearly two years after President Obama signed it into law.
“At each stage of the Dodd-Frank Act implementation … business has been told, ‘Don’t worry, we will get this right,’ ” the Chamber wrote in the report. “Well, we are now down to implementation, and the rulemaking process and regulators have not ‘gotten it right.’ They continue to fight among themselves, propose conflicting approaches to common issues and otherwise make it impossible for honest market participants to know the rules of the road.”
The Chamber has long criticized Dodd-Frank as a regulatory avalanche, and stressed the uncertainty surrounding the law in the scorecard. Out of the 17 portions of Dodd-Frank graded by the Chamber, all but two received some sort of “incomplete” grade.