Nearly a year after the Dodd-Frank reform was signed into law, memory of the crimes that prompted it has faded, a CFP Board official says.
Addressing the New York Women Advisors Forum, Marilyn Mohrman-Gillis, who runs the group's policy activities, noted that it took Bernie Madoff to get lawmakers eager for reform.
But since then, public outrage has shifted from Wall Street failures to government spending, leaving attempts to impose more extensive regulation high and dry.
It's rare that we get such a concise overview of how such a sprawling package of industry reforms got passed in the first place and why implementation has stalled.
However you feel about Dodd-Frank -- much less its likely success -- Mohrman-Gillis's comments, reprinted in Financial Planning, are worth reading.