Compliance With Dodd-Frank Regs Costs Businesses 10.2 Million Man-Hours Every Year
A new video puts the cost to businesses of complying with the regulations of the Dodd-Frank Act in perspective.
The number of man-hours it took to build every one of the 146 million iPhones in the world is dwarfed by the number of man-hours it takes American businesses to comply with the regulations created by this financial regulatory act, a video introduced by the GOP Committee on Financial Services shows.
While it took 5.5 million man-hours to build every iPhone out there, it takes 10.2 million man-hours annually to comply with Dodd-Frank regulations – every year.
Dodd-Frank’s compliance man-hours apparently tower over the building of the Empire State Building and the manufacture of hundreds of thousands of vehicles, as well.
The regulatory burden is costing Americans jobs and reducing productivity, the committee video says.
But, while Dodd-Frank may be hurting private-sector job opportunities for average Americans, it’s created some pretty well-paying ones for the folks at the new Consumer Financial Protection Bureau (CFPB) it created.
The CFPB has hired a dozen employees at more than $225,000 per year.
In all, there are 228 government financial regulator positions paying more than $225,000 a year. Nice work, if you can get it.
And, I guess it makes sense that it would take so much time for businesses to comply with Dodd-Frank: the bill is more than 1,200 pages long – and it takes Wikipedia 45 pages just to summarize it.