From: RegBlog
James Hobbs
At least one critic has called the multi-year implementation of the Dodd-Frank Act “plodding impotence,” echoing a strain of popular and anecdotal evidence that the American regulatory system is broken down because it moves too slowly. However, a recent study shows that the median process of making a new regulation is completed within only twelve months.
Undue delay is one of the major critiques of the current rulemaking structure, with popular accounts of the American regulatory state frequently focusing on stories of bureaucratic delay, sluggishness, and rigidity. For instance, many scholars have pointed to the ten years it took the Food and Drug Administration (FDA) to decide if peanut butter must be composed of a minimum of about 90 percent peanuts.