In the first year after passage of the Dodd-Frank Act, regulators made some progress implementing the law. Now they have essentially ground to a halt.

The agencies have had a Goldilocks complex: they're trying to get the new regulatory system just right. "They know they are very much under a microscope and that they have to deliver," said Amy Friend, a managing director at Promontory Financial who worked for Sen. Chris Dodd while the law was being drafted. "That means they are going to be extra deliberate about what they're doing."

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