Bill Clinton suggests slowing down on Dodd-Frank

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The former president's comments come as regulators rush to meet rapidly approaching Dodd-Frank deadlines. The law handed off substantial responsibilities to regulators, who were charged with writing hundreds of new rules implementing the law's various provisions. A bulk of the work is slated to be completed on July 21, when the law turns a year old.

However, regulators have seen their requests for larger budgets in a post-Dodd-Frank world go ignored by the new Republican majority in the House and already have announced that some of the rulewriting will take longer than laid out in the law.

Meanwhile, Republicans are pushing to further delay the impact of the law, crafting legislation to move back the effective date of various provisions or otherwise repeal certain portions.

While skeptical of the aggressive timeline, Clinton offered tough talk to Wall Street critiques about some of the law's broader efforts, such as cracking down on the amount of leverage firms can have.

"I'm sure a lot of them don't like it, but that's just common sense," he said.