When Congress passed the Dodd–Frank Act last July, lawmakers widely proclaimed it the most sweeping reform of financial regulation in the United States since the Great Depression.
Not so fast. Just six months later, it is becoming increasingly clear that, in fact, the passage of Dodd-Frank has settled very little.
That's because Congress has now failed to provide the Securities and Exchange Commission and the Commodity Futures Trading Commission—the agencies that must write the new rules and reports that the law requires—with the necessary funds to carry out their mandates. Denying these funds is a not-so-stealthy attack on the financial ...