The Dodd-Frank financial reform act will continue to be worked on by the SEC for at least a decade, Securities and Exchange Commissioner Dan Gallagher said Wednesday.

“Even though (it was passed) half a decade ago, we are not half done,” Gallagher said while attending an event at the American Enterprise Institute.

Taking aim at the roots and the scope of the regulatory reform law, Gallagher said he doubts it could prevent another financial crisis.

In contrast to the financial regulatory laws given birth after the Great Depression, Gallagher said Dodd-Frank was too hasty, too broad and based on too little research.

Gallagher who was the SEC staffer leading the agency’s response to the failure of Lehman Brothers in 2008, said he thought at the time the federal government would bail out Lehman.

“The notion that there was no legal authority always rang hollow with me,” the attorney said.

Gallagher said it is remarkable after the financial crisis the federal government still allows mortgages with no money down.