Futures and Derivatives counsel Guy Dempsey was quoted by Future and Options World regarding the new administration’s first steps to loosen restrictions put in place by the Dodd–Frank Wall Street Reform and Consumer Protection Act. Noting the complications involved, Guy stated, "Dodd Frank consists of so many different rules that wholesale repeal isn’t a relevant concept. There is no desire to go back to a pre-Dodd-Frank era. It has been eight years since the law was implemented and a lot of it is already baked into the system." Instead of being repealed, the law will be reviewed to identify specific rules that should be modified or repealed. He added, "In the review, the regulators may identify elements with different legal profiles, which would require a different approach. The CFTC, for example, could have the power to change a certain implementing rule without Congress. If a problem is in the statute, the law would have to be repealed to get rid of the requirement." ("Dodd-Frank Reform Will Be Slow – Lawyers," February 9, 2017)