Six Years after Dodd-Frank: Higher Costs, Uncertain Benefits
As the Dodd-Frank law reaches its sixth anniversary, it has imposed more than $36 billion in costs and 73 million paperwork burden hours. As time passes, the law becomes more expensive as regulatory agencies like the Consumer Financial Protection Bureau and the Federal Housing Finance Agency grow with the mission to implement burdensome rules. Meanwhile, small financial services firms continue to struggle as the law restricts the availability of financial products. With dozens of regulations still left to implement, one can only expect the costs to continue to rise.