July 15, 2015
AAF Examines Impact Of Dodd-Frank
In advance of Dodd-Frank’s 5th anniversary, the American Action Forum (@AAF) today released an analysis of the law’s impact on employment, the housing market, and the regulatory burden. The AAF research found that 5 years later Dodd-Frank has imposed $24 billion in regulatory costs and 61 million in paperwork burden hours. Only 60.3 percent of Dodd-Frank’s 398 regulations have been finalized, with another 21.5 yet to be proposed, and 18.2 percent in proposed form.
Additional findings include:
- The top 5 costliest pending regulations would add $7.8 billion in regulatory costs and 1.7 million in paperwork hours.
Small financial companies are experiencing stagnant job growth.
- The number of firms with 10 to 19 workers and the number with 20 to 49 fell 0.3 percent and 1.0 percent respectively.
- Meanwhile the number of businesses with fewer than 5 workers only grew 0.7 percent and those with 5 to 9 only increased 1.7 percent.
- Since Dodd-Frank, the number of jobs at federal financial regulatory agencies spiked 19.2 percent.
- Lending—whether commercial, real estate, or consumer—has not recovered in this economic recovery as quickly as the average post-WWII economic recovery.
Click here to view the research.
NOTE: AAF is also releasing 5 problems, 5 repercussions, and 5 fixes of the Dodd-Frank Act, one of each, every day this week. You can view the editions here, along with our previous work on Dodd-Frank.