By Benjamin Goad - 09/16/13 06:13 PM EDT
More than half of the requisite Dodd-Frank rules – which, by some interpretations of the law, total more than 400 – remain incomplete.
Regulators have said they expect the law to be substantially in place by the end of the year.
A lack of federal oversight was in large part to blame for the crisis, Treasury Secretary Jacob Lew said Monday.
“It was the culmination of many factors, including excessive risk taking, the accumulation of too much debt, and an outdated regulatory structure,” he said in a written statement. “Because President Obama took up the mantle of reform and made Dodd-Frank the law of the land, our financial system is now safer, stronger, and more resilient than it was before the crisis.”
Private employers have added 7 and a half million jobs over the past 42 months, Lew noted.
One of Dodd-Frank’s most contentious and substantive provisions was the creation of the Consumer Financial Protection Bureau, a new watchdog agency charged with looking out for the public’s interests.
Obama hailed the 2-year-old’s CFPB’s regulatory achievements to date, saying, “we put in new protections that crack down on the worst practices of mortgage lenders and credit card companies.”