The critics of the financial reform Dodd-Frank Act are fond of saying that it doesn't work -- some going so far as to say that the financial system is just as much at risk as it was in 2008, if not even more so.

"Republicans may have decided to forget about the financial crisis that caused so much devastation -- but I haven’t.”

Until the political importance of Glass-Steagall is recognized, financial reform is doomed. Captured regulators will implement milquetoast versions of reform laws, and Congress will entertain amendments to slowly repeal the reforms.

On July 21, 2010, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act (hereafter, DF), the most sweeping financial regulatory reform in the United States since the 1930s. Let's have a look at the most noteworthy accomplishments and the biggest failings so far.