American Action Forum ("AAF") Director of Regulatory Policy Sam Batkins and Research Analyst Dan Goldbeck detailed the costs to the economy of the Dodd-Frank Act.
In an article titled "Six Years After Dodd-Frank: Higher Costs, Uncertain Benefits," Batkins and Goldbeck made the case that:
Dodd-Frank has imposed more than $36 billion in final rule costs and 73 million paperwork hours, up from $24 billion in final rule costs and 61 million paperwork burden hours from last year's report. To put those figures in perspective, the costs are approximately $112 per person or $310 per household; for paperwork, it would take 36,950 employees working full-time (2,000 hours annually) to complete a single year of the law's paperwork, and those are based on agency calculations.
Batkins and Goldbeck argued that the sixth year of Dodd-Frank has been the most expensive in the law's history. "Much of the law has already been implemented," the authors observed, "but there are still at least 61 rulemakings remaining . . . that are directly related to Dodd-Frank." They cautioned that one "can only expect . . . costs to continue to rise."
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