AAF Researchers Say Dodd-Frank's Sixth Year Is Its Most Expensive Yet
American Action Forum ("AAF") Director of Regulatory Policy Sam Batkins and Research Analyst Dan Goldbeck detailed the costs to the economy of the Dodd=Frank Act.
In an article titled "Six Years After Dodd-Frank: Higher Costs, Uncertain Benefits," Batkins and Goldbeck made the case that:
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.
Batkins and Goldbeck argued that the sixth year of Dodd-Frank has been the most expensive in the law's history. "Much of the law has already been implemented," the authors observed, "but there are still at least 61 rulemakings remaining . . . that are directly related to Dodd-Frank." They cautioned that one "can only expect . . . costs to continue to rise."
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