Look, it isn’t surprising. The entire financial community wants nothing to do with stronger oversight–even though stronger oversight would help prevent another meltdown, though, if you are a CEO of a bank or a big financial institution, the lesson you’ve learned from the last go-around is that you won’t suffer personally…

   So, they’ll fight as hard as possible to block Elizabeth Warren’s nomination. And now it looks like they’ve successfully put a crimp in the drive to implement Dodd-Frank.

    Per The Wall Street Journal’s website:

U.S. regulators, behind schedule in finalizing key rules mandated by last year’s financial-regulatory overhaul, agreed to delay a host of new requirements scheduled to hit the $600 trillion derivatives market next month.

The move offers temporary relief to banks, companies and investors who have worried their use of derivatives—sometimes-complex financial products used to hedge risk or speculate for profit—could run afoul of regulation. Certain parts of the Dodd-Frank financial law automatically take effect July 16, though regulators have yet to issue final rules in affected areas.

On Tuesday, the Commodity Futures Trading Commission offered a six-month reprieve. It delayed until as late as Dec. 31 the effective date of requirements such as business-conduct rules and registration requirements, which affect those who use and trade derivatives.

    And:

Derivatives are especially controversial because critics say they encouraged huge risk-taking and spread damage far and wide during the crisis. American International Group Inc. and Lehman Brothers Holdings Inc. were among companies battered by derivatives bets.

Regulators gained broad new powers to protect the financial system, including authority to regulate derivatives, impose stricter capital and supervisory requirements on financial firms and regulate consumer financial products.

Yet more than half the 387 sets of rules have yet to be proposed, and many provisions are subject to fights on Capitol Hill.[emphasis added]

    And with the president set to rake in cash from some of Wall Street’s biggest players, it is entirely possible that whatever Dodd-Frank represented will be eviscerated–slowly but surely. Honestly, I was pretty unimpressed by Dodd-Frank–and, certainly, the lack of jail-time for the heads of the major financial institutions, or least a major purge, sent a signal that much would change.

    Still, this is another signal–not much is changing.