Today is the one-year anniversary of President Obama's signature of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Obviously, things are much better now than they were in 2010 before Dodd-Frank.

You probably have it in the back of your mind that several provisions of Dodd-Frank automatically become effective on the July 21, 2011 one-year anniversary. This is true. However, fortunately, none of the executive compensation provisions are automatically effective today. The SEC has postponed its expected publication date for proposed and final rules on the next round of executive compensation provisions under Dodd-Frank – seven of them – until the August-December period. 

Therefore, the primary action item we recommend for today is to take the rest of the day off. Play golf, play tennis or just sip on a cool beverage on this hot day. We all likely will be scrambling again as the next seven executive compensation provisions of Dodd-Frank get rolled out just in time for 2012 proxy season!

*But seriously folks, I think we can all agree that Dodd-Frank was a half-baked bi-partisan mess (like the Sarbanes-Oxley Act before it), which has mostly just created lots of work for lawyers. 

July 21 is the date of several key events in the US Space program. On July 21, 1961, Gus Grissom became the second American to go into space (in a suborbital mission) as part of the Mercury program. On July 21, 1969, Neil Armstrong and Edwin "Buzz" Aldrin became the first humans to walk on the Moon, during the Apollo 11 mission (I'm cheating a bit here, as the date was July 20 in the US, but July 21 in many other parts of the world). Today, July 11, 2011, NASA's Space Shuttle program seems to have ended with the landing of Space Shuttle Atlantis on mission STS-135.