Wednesday, March 30, 2011
This from the House Financial Services Committee website:
The Dodd-Frank Act will result in a bigger and more expensive Federal government.
That’s the point the Financial Services Committee is driving home in a video released on Wednesday. The video, which can be viewed on the Committee’s website and on YouTube, coincides with a hearing of the Oversight and Investigations Subcommittee on the budgetary and economic costs of implementing Dodd-Frank. The Government Accountability Office estimates it will cost $2.9 billion to implement the law over five years. The Federal government workforce will also have to increase by 2,600 new full-time employees, according to the GAO.
And this from Representative Barney Frank:
“The press has reported on a yet-to-be-released study by the Government Accountability Office stating that it will cost up to $2.9 billion over five years to implement the Wall Street Reform and Consumer Protection Act.”
“When the details of the report are made public, it will be important to put the cost analysis in proper perspective – there would be absolutely no cost to taxpayers if Republicans had not succeeded in stripping the funding mechanism from the bill during the conference committee.”