Section 967: Report to Congress describing actions to implement the regulatory and administrative recommendations contained in the independent consultant's report on the SEC's organization.
Now multiply that language by more than 400 rules total and tens of thousands of pages, scores of lobbying firms and legions of lawyers.
While disastrous bailout behemoths Fannie Mae and Freddie Mac get off scot-free, small businesses, small community banks and small broker-dealers have been hit hard by the vagueness, uncertainty and cost burdens created by the Dodd-Frank-enstein monster. Meanwhile, the Government Accountability Office estimates that the feds will need $1.25 billion for 11 different agencies to fund the rule-making racket by 2012 -- including $481 million for the newly created Consumer Financial Protection Bureau.
Co-father Barney Frank bragged that his freakishly ineffective creation is "holding up well" in public opinion on its first birthday. But that's because public opinion is shaped by vague, Wall Street-bashing sound bites instead of hard-nosed assessments of the law's impotence-by-design.
In its analysis of the few rules that have been finalized, law firm Morrison and Foerster LLP -- quoted in the financial adviser publication Investment News -- concluded that Dodd-Frank regulations "do not address or resolve the core systemic risk issues in the act." Moreover, "with elections coming up, and with international reform measures dragging along, one cannot help but wonder how, when or even if many of the act's reforms will be put in place."
As they say in the software industry, the government budget-lining bureaucratic delays are not bugs. They're features of yet another Beltway Industry Full-Time Employment Act.