FOX Business Network’s (FBN) Senior Correspondent Charlie Gasparino reports that the U.S. Securities and Exchange (SEC) Commissioner Daniel Gallagher says the Dodd-Frank Act “could take several years to implement” and that the SEC is “less than halfway through figuring it out.”

Excerpts from the report are below.

On whether it will take several years to implement the Dodd-Frank Act:

“We talked to Dan Gallagher SEC Commissioner…He says it could take several years to implement – they are less than halfway through figuring it out and the Volcker Rule is nowhere to be found. People are just making it up. I mean it is really crazy.”