The Financial Services industry is vital to our economy. In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. This lengthy document, however well-intentioned, was poorly-designed. The Financial Services Committee of the House of Representatives reported that of the 400 rules required to be established under the Act, only 224 have been written. These 224 rules and regulations already consume 7,365 pages and will require private sector job-creators to spend 24,180,856 hours to comply with the rules.
The Dodd-Frank Act is hindering financial institutions and small businesses. Instead of focusing their efforts on creating jobs and growing our economy, small businesses and financial institutions are spending increasing amounts of time and money to comply with the rules. Rather than hindering these institutions and businesses, we must seek to help them succeed and, in turn, spur the economy.
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