The investing public still loves the Dodd-Frank reforms so much that those who want to restore the old status quo are unwilling to lead a frontal attack, Barney Frank says.
Instead, he says, enemies of the reform act are working to delay, defang, and defund various measures that were meant to act together to protect investors and the general public.
It's not really news that the mood in Congress has left the SEC in particular starved for funding to meet its dramatically expanded Dodd-Frank supervisory obligations.
However, Frank also points out that attempts to repeal bits of the reform have so far stalled.
That might be because Congress is busy with bigger fiscal issues right now.
Or it might be because, as he says, the public wants to know it's got a strong regulatory advocate in Washington, and it doesn't really care how many headaches it causes the advisory industry.
Compliance is rarely fun, but if Frank is right, advisors can demonstrate their dedication to clients by reminding them that all the headaches are worth it if investors are well served.