Dodd-Frank One Year Later: Slow Progress On Rules Amid Industry And GOP Onslaught

NEW YORK — When President Obama signed the most sweeping financial regulatory overhaul since the Great Depression into law last July, he warned that for these new rules to be effective “regulators will have to be vigilant” and “we may need to make adjustments along the way as our financial system adapts to these new changes.”

Though Democrats and consumer advocates have applauded the Dodd-Frank Act, Wall Street lobbyists condemned it and warned that it would hurt bank profits. Republican lawmakers have vowed to delay or destroy some of the bill’s major provisions. “This is the first round of a heavyweight fight,” one financial industry trade group executive told The Huffington Post the night after the signing ceremony. “When they get through writing all the rules to put this into action, it will end up looking a lot different.”

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