March 28, 2011
The Government Accountability Office estimates that carrying out the Dodd-Frank financial overhaul bill could cost the government up to $2.9 billion over five years, according to a report obtained by the Wall Street Journal.
Taxpayers would not be responsible for footing the entire bill, however. In particular, the Consumer Financial Protection Bureau (CFPB) is fully subsidized by assessments and other funding.
“Six of the 11 agencies charged with implementing the law are fully or partly funded by assessments on the entities they oversee, one fully by revenues collected, and only three fully or partly by Congressional appropriations,” reports the Wall Street Journal. “But financial firms will see their bills to the government go up, and critics say too steep a burden could hurt the industry’s competitiveness.”
The GAO report was commissioned by Republicans on the House Financial Services subcommittee on Oversight and Investigations. The subcommittee will hold a hearing Wednesday to discuss Dodd-Frank’s impact. Many House Republicans have alleged that the bill be detrimental to health of the U.S. economy.
The GAO also anticipates that more than 2,600 new full-time employees will need to be hired in order to implement the regulations mandated by Dodd-Frank; 1,225 for the CFPB alone. Click here to read more of the GAO’s financial findings regarding the Dodd-Frank bill.
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