Lawmakers have targeted July 4 as the deadline for passage of the Dodd-Frank Act, a bill meant to prevent a repeat of the financial crisis.

The legislation will create the Consumer Financial Protection Bureau to police lending, impose tough regulations on financial derivatives, and grant the government power to liquidate teetering firms. The bill fails to restructure government-backed mortgage giants Fannie Mae and Freddie Mac.

Also, as expected, auto dealers were exempted from oversight by the CFPB.

House and Senate members on the conference committee voted along party lines.

I don’t have an exact timeframe, though I’m guessing it will be a couple years before things ramp up.

Thoughts?