WASHINGTON — In the first year after passage of the Dodd-Frank Act, regulators made some progress implementing the law. Now they have essentially ground to a halt.

As they implement some of the most complex pieces of the overhaul, the agencies have had a Goldilocks complex: they're trying to get the new regulatory system just right. They want rules to be tough, but not in a way that stops business, and are aware that an industry facing an uncertain regulatory future is watching their every move.

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