The Dodd-Frank financial reforms born out of the 2008 Great Recession have cost the average American household $310 annually, according to a new study.
The American Action Forum, a D.C.-based think tank that advocates for center-right policy, found in its study published Wednesday that regulatory costs imposed by Dodd-Frank have increased by $12 billion over the past year.
Since its implementation in 2010, Dodd-Frank has incurred $36 billion in regulatory costs, up from $24 billion last year.
During the past six years, the regulations have cost each household $310, or $112 per person.
Just to complete a year’s worth of the law’s paperwork, it would take nearly 37,000 employees working full-time.
The study noted that 61 regulations are still due for release to finish the law’s full implementation, which could add another $3.3 billion to Dodd-Frank’s total cost.
