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White Marks Fifth Anniversary of Dodd-Frank

SEC Chair Mary Jo White marked the five year anniversary of the Dodd-Frank Act last week with a statement highlighting the agency’s progress in completing its obligations under the act. White noted that the SEC “has taken action to address virtually all of the mandatory rulemaking provisions of the Dodd-Frank Act, and at the same time we have focused on additional measures to bolster our financial infrastructure.” Under the “overarching objective . . . to promote the long-term sustainability of the U.S. financial system,” White highlighted the “powerful tools” added by Dodd-Frank to reward whistleblowers and strengthen the SEC’s enforcement authority. At the same time, White highlighted that the SEC also continues its work beyond Dodd-Frank requirements to fulfill the Commission’s mission. She mentioned the money market fund rule reforms prompted by the act which “address the risk of a recurrence of the investor runs we saw during the crisis” and “will fundamentally change the way money market funds operate.”

The Commission also posted a page listing its accomplishments in fulfilling its Dodd-Frank obligations. The page notes that the SEC has adopted 61 final rules, established five new offices, and issued more than 30 studies and reports required under Dodd-Frank. The statistics do show that 19 rules remain in the proposed stage, while 6 required rulemakings remain yet to be proposed.