Happy birthday, Dodd-Frank. Now go away.
Sam Batkins and Dan Goldbeck summarize the effects of the financial reforms passed six years ago: “Dodd-Frank has imposed more than $36 billion in final rule costs and 73 million paperwork hours, up from $24 billion in final rule costs and 61 million paperwork burden hours from last year’s report. To put those figures in perspective, the costs are approximately $112 per person or $310 per household; for paperwork, it would take 36,950 employees working full-time (2,000 hours annually) to complete a single year of the law’s paperwork, and those are based on agency calculations. In recent research, AAF even found the law had resulted in a 14.5 percent decline in revolving consumer credit.”
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