The Dodd-Frank bill may be historic but the final impact on the financial services industry will not be known for years, as many planks require a lot of study and subsequent decisions by regulatory agencies. The proliferation of these study-now-act-later provisions amounts to a huge win for the industry, as they will have more time to affect the process and the eventual decisions. New laws often require additional studies and reports. In this case, fairly or not, some see them as an easy way out for the lawmakers.

Fortune puts it bluntly "Much of the Dodd-Frank bill (should it ever pass) wimps out and pushes many of its most important decisions until later, and in some cases leaves rule-making loopholes that could allow banks to delay major changes until 2022." Consider the Volcker Rule, which would go into effect in 2012, but compliance would not be required for two more years. The law also includes a 3-year extension--another five years for "illiquid" funds, such as private equity or real estate. In some cases, big banks will have 12 years to comply.

As for the Lincoln Amendment, despite the rhetoric, the reality is that banks have up to two years to comply. Some people might have heard that a "fiduciary duty" will be imposed on stockbrokers and insurance agents, but in reality, the law requires the SEC to first undertake six-month study and then make recommendations. The bill does empower the SEC to go ahead and impose a fiduciary standard, however, and many expect it to ultimately do so. (We'll see.) A provision that disallows the use of preferred trusts as capital comes with a five-year grace period. Banks are salivating because they know once the spotlight is off they can have their way with the process, for better or worse.

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