As of December 2012, regulators had issued final rules on about 48% of the 236 GAO-identified Dodd-Frank provisions that require regulations, the report said. Of the remaining provisions, regulators had proposed rules for about 29%, and had not acted on about 23%.
“Regulators noted that completing rules has taken time because of the number and complexity of the issues, and because many rules are interconnected,” the GAO said. As an example, the report cited the Volcker Rule’s implementation, which requires coordination among five regulatory agencies.
Although regulators have established mechanisms to facilitate coordination and believe coordination efforts have improved the quality of the rulemakings, several regulators indicated that coordination increased the amount of time needed to finalize rulemakings.It added that regulators have made developing responsive, appropriate rules a higher priority than meeting tight statutory deadlines. “As a result, some important rules may take the longest to develop,” said the GAO, which made no new recommendations.
Read the GAO report.