September 8, 2011
House Republicans sent a letter to Treasury Secretary Timothy Geithner last week to request details on the number of regulations that have been cut during the implementation of Dodd-Frank, according to The Hill.
“Republicans pointed out that the 102 rules already coming out of Dodd-Frank are estimated to require firms to devote 10.8 million man-hours every year to comply,” The Hill states. “In comparison, the Empire State Building was built in 7 million man-hours, they said.”
The blog states that Geithner’s own words come back to haunt in the GOP’s note, as the lawmakers refer to the director’s previous claim that the Treasury would eliminate old rules as new ones were created.
“We will not simply layer new rules on top of old, outdated ones,” he said on Aug. 2, 2010, according to The Hill. “We will eliminate rules that did not work. Wherever possible, we will streamline and simplify.”
The letter gives Geithner a deadline of Oct. 1 to respond. Some GOP lawmakers have pushed for the repeal of Dodd-Frank, but the efforts have gained little ground in the Democrat-controlled Senate.
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