It’s football season and there’s a saying in the sport that a team getting close to the goal line is in the “red zone.” CFTC’s Dodd-Frank implementation and rulemaking processes are in the red zone, too.
It’s been a long drive down the field. We have finalized roughly two-thirds of the 60 rules we were charged with promulgating under the financial reform law. It’s taken longer than some of us hoped at the kickoff, but now the goal line is in sight.
I’ve put together an estimated time-line that clearly shows—on just one page—how close we are to completing the process. Many more rules will be finished by the end of the year. A few will move over into next year, primarily so that businesses, market participants and foreign regulators can make the practical adjustments they’ll need to make.
Yes, we still need to keep moving the ball but, we’re at a very manageable point in the process of completing this enormous undertaking. During the course of a football game there is always a lot of yelling and yelping both from the sidelines, and on the field. That happens in government too, and Dodd-Frank implementation is no exception. That said, what follows shows that, despite what some have argued, we have a game plan. Like in sports, game plans don't always go as planned, but you go forward and do the best you can to be successful.