A recent study conducted by Investor’s Business Daily shows that last year’s Dodd-Frank Act has already resulted in the loss of hundreds of thousands of financial jobs throughout the United States.
“The level of real GDP could be 2.7 percent less by the year 2015 than would otherwise be the case for the United States,” Stephen Wilson, the outgoing chairman of the American Bankers Association, said, ReverseMortgageDaily.com reports. “This could result in 2.9 million fewer jobs being created.”
In addition to the damaging impact on jobs, the data collected during the study showed that U.S. businesses are faced with 20 million hours of paperwork. These hours only include a fourth of the Dodd-Frank rules that have gone into effect. The remainder of the law’s rules are still being written.
Sen. Tom Coburn (R-Ok.), the ranking member on the Senate Homeland Security and Government Affairs Permanent Subcommittee on Investigations, slammed the law for its overzealous burden on the economy during last month’s hearing on its implementation progress.
“The law that was supposed to help fix our financial system has instead wreaked regulatory havoc, increasing uncertainty and compliance costs, doing nothing to address unemployment,” Coburn said. “The act required over three-hundred new regulations and studies, and has overwhelmed our regulatory agencies, while causing widespread confusion in the marketplace.”