Civil servants have been put on the hot seat when it comes to the Dodd-Frank financial reform bill. The federal bureaucracy has been tasked with much of the real work of reform, which must be performed largely out of the spotlight. While lobbyists and corporate influencers are licking their chops, there are those who are rooting for the civil servants and expecting them to shine in this endeavor.

Federal agencies will be determining at least 243 financial rules and perform nearly 70 studies, according to one analysis. The beleaguered SEC seems to have the most on the line. It has been charged with developing nearly 100 rules on topics like derivatives, credit rating agency standards and bonus disclosure. It must promulgate up to 200 more rules, many involving basic investor protections.  The CFTC has been tasked with develop 61 rules, the Federal Reserve, 54, and two agencies just created by Congress--the Consumer Financial Protection Bureau and the Financial Stability Oversight Council must determine 80 rules between them.

Some people are voicing skepticism that the bill will work as advertised for this reason. Others beg to differ, arguing the minutiae is better left to the bureaucrats, the intent and spirit of the law has been determined in whole. We're certainly seeing the Volcker Rule, even in its watered down version, having an effect. What do you think?

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