Report: Fed. agencies failed to monetize 35.8 M hours from Dodd-Frank regs
WASHINGTON (2/20/15)--An examination of every Dodd-Frank regulation reveals agencies failed to monetize 35.8 million hours of Dodd-Frank compliance from 51 different regulations.
This was highlighted in a report by the nonprofit American Action Forum (AAF), which says those Dodd-Frank burdens were never translated into a routine cost-benefit analysis.
According to the report, the more than 400 Dodd-Frank regulations enacted since 2010 have resulted in $39.2 billion in total costs and 63.7 million paperwork burden hours.
Highlights of AAF's report include:
- The 35.8 million hours add up to 1,493,463 days' worth of regulatory compliance, or 4,092 years;
- Assuming a regulatory compliance officer worked 2,000 hours per year, it would take 17,922 officers to complete one year of this paperwork;
- Of the 47 major Dodd-Frank rules, 16 have not monetized the cost of the regulation; and
- Those rules consist of 19 for the Commodity Futures Trading Commission, 18 for the Securities and Exchange Commission, five for the Consumer Financial Protection Bureau, three for the Office of the Comptroller of the Currency, one for the Federal Reserve and one for the U.S. Department of the Treasury.