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.”
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