Regulators have completed fewer than half of the 400 Dodd-Frank rules, but some estimate that approximately 24 million man-hours are required every year for compliance under the rules that have already been written, according to The Daily Caller.
“It took only 20 million [man-hours] to build the Panama Canal,” Chairman Randy Neugebauer of the Oversight and Investigations Subcommittee said. “Banks and credit unions, retirement funds and other financial institutions will be forced to spend a large portion of their budgets trying to comply with Dodd-Frank rules rather than lending to small businesses and American consumers investing in our economy. While the promised benefits of Dodd-Frank are still illusory, the costs are beginning to become crystal clear.”
As more Dodd-Frank rules and regulations are written, the Burden Tracker will be automatically updated.
“This online resource will help the public better understand how the cumulative weight of these new rules—layered upon existing outdated, unnecessary and duplicative red tape—hurts small businesses and financial institutions,” Financial Services Committee Chairman Spencer Bachus said. “They have to spend increasing amounts of time and money dealing with all this red tape instead of engaging in the activities that grow our economy and create jobs.”