video transcript

PLEASE NOTE: THIS EDIT CONTAINS 4:3 MATERIAL On the one-year anniversary of the Dodd-Frank financial reform law- top watchdogs were on Capitol Hill with a progress report. Securities and Exchange Commissioner Mary Schapiro: SOUNDBITE: MARY SCHAPIRO, CHAIRMAN, SECURITIES AND EXCHANGE COMMISSION (ENGLISH) SAYING: "While some feel we are moving too quickly and others feel we are not moving rapidly enough, I believe we are proceeding at a pace that ensures we get the rules right." The goal of the legislation was to make financial markets less risky after what turned out to be the worst financial crisis since the Great Depression. And the implementation is a major task. A handful of regulatory agencies are writing new rules to police various parts of the U.S. financial system- including hedge funds and non-traditional lenders, and to reduce risk at large financial firms. But the regulators- including Federal Reserve Chairman Ben Bernanke are frustrated. SOUNDBITE: BEN BERNANKE, CHAIRMAN, FEDERAL RESERVE (ENGLISH) SAYING: "You need more people to carry out more regulations, write more regulations and do to just in general a better job of overseeing private sector activity. That being said what we want is quality more than quantify. We want it done well. We want to make sure there is clarity in terms of the rules, that financial institutions understand what the rules of the game are." In fact regulators are behind schedule and have had to put in stop-gap protections because parts of the bill were due to automatically kick in this month. NYU Stern Professor Matthew Richardson is the co-editor of the book "Regulating Wall Street". SOUNDBITE: MATTHEW RICHARDSON, PROFESSOR, NEW YORK UNIVERSITY STERN SCHOOL OF BUSINESS AND CO-EDITOR "REGULATING WALL STREET" (ENGLISH) SAYING: "I would give like Dodd-Frank like a B because something had to get done and you know it's difficult to get anything done in Washington so the fact that something was actually passed was actually a positive. I think, my concern is when I look at the rules, as they begin to come out, like the rules on capital requirements that came from Basle it was more of the same than what we had before so I'd probably drop the grade a little bit. " And other experts give regulators an "incomplete" when it comes to addressing the too big to fail issue - even though Fed Chairman Bernanke says progress is being made. Bobbi Rebell, Reuters.