Overhaul Grows And Slows .
Professor Joseph Grundfest spoke with Jean Eaglesham of The Wall Street Journal on the extensive Dodd-Frank law and why it has become so complex.
What is 20 times taller than the Statue of Liberty, 15 times longer than "Moby Dick" and would take the average reader more than a month to read, even if you hunkered down with it for 40 hours a week?
The answer: The growing paper trail formed by the Dodd-Frank law, passed by Congress last year to give U.S. financial regulations their biggest overhaul since the Great Depression.
"I count my blessings every day that I'm no longer a commissioner" at the SEC, says Joseph Grundfest, a Stanford University law professor who from 1985 to 1990 was one of the five commissioners who make decisions on behalf of the agency.
"The problem is not just the number of rules, it's the complexity of them, and it's the political power of the various constituencies who are affected by those rules," says Mr. Grundfest, the former SEC commissioner.