Dodd-Frank Job Losses Will Number Millions, Report Finds

A recent finding from Investor’s Business Daily finds that yes, the Dodd-Frank Act, signed into law last year, has already cost Americans hundreds of thousands of financial jobs, with many more on the way.

“The level of real GDP could be 2.7% less by the year 2015 than would otherwise be the case for the United States,” Stephen Wilson, outgoing chairman of the American Bankers Association, said during a presentation in November. “This could result in 2.9 million fewer jobs being created.”

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The statistics collected on the impact the law has had are striking. Dodd-Frank has stacked up, literally, to total almost 20 million hours of paperwork on U.S. businesses, the article states. Of the rules to be implemented under Dodd-Frank, only a fourth have gone into effect thus far.

The Consumer Financial Protection Bureau, which went into effect in July, will encompass the majority of Dodd-Frank’s own hiring and funding. The agency began with a staff of 1,225 and a budget of $330 million, the article states.

Read the Investor’s Business Daily article.

Written by Elizabeth Ecker

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  • No one has ever accused former Senator Dodd of having the best interests of the American people in mind.  He has accomplished his purpose, place an indelible mark on the financial services industry.  So as to his goal, the Senator did what he intended.  It is sort of like Sarbanes-Oxley, it may not prevent anything but the costly new requirements will long be remembered.  The regulatory imagination of both of these pieces of legislation have no match, other than perhaps Obama care.

    Here are 3 examples of the greatest pieces of U.S. legislation produced by liberals in the last decade or more.  Only Medicaid and Medicare can rival these landmark acts.  Not even Jimmy Carter or JFK could do as well.

  • Read Michael Lewis’ books “the Big Short” and “Boomerang” and you will learn that many of these jobs produced nothing of value, only excessive speculation and risk resulting in the current economic mess. We need jobs the produce goods and services that have real value. 

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