You remember Dodd-Frank, right?? Chris Dodd and Barney Frank. The financial reform Bill that was signed into law by our idiot in chief on July 21,2010. In short, it placed regulation of the financial industry in the hands of the Government. As they touted this in front of the american people, they promised it would prevent another financial crisis by creating new financial regulatory processes that enforce transparency and accountability while implementing rules for consumer protection. The act also created the Consumer Financial Protection Bureau. Oh, it all sounded wonderful....to the deaf, dumb and blind. To the rest of us, we knew how it would play out. Sure enough!!! More regulations, more red tape, more money....land more money. Here it is as reported today:
" It will take over 24 million man hours to comply with Dodd-Frank rules per year. It took only 20 million to build the Panama Canal,” said Rep. Neugebauer. “Banks and credit unions, retirement funds and other financial institutions will be forced to spend a large portion of their budgets trying to comply with Dodd-Frank rules rather than lending to small businesses and American consumers and investing in our economy. While the promised benefits of Dodd-Frank are still illusory, the costs are beginning to become crystal clear.”
Regulators have written only 185 of the expected 400 rules. But those 185 rules are expected to cost the private sector more than 24 million man-hours each year to comply.
The tracker has also found that those 185 rules take up more than 5,300 pages.Read more: http://dailycaller.com/2012/04/16/committee-dodd-frank-compliance-to-cost-private-sector-24-million-man-hours-per-year/#ixzz1sJn0m1xv
Can we say TOLD YA SO??!! Of course, TPTB knew precisely what they were doing....it's all part of the big plan.