The Republican leadership of the House Financial Services Committee has continued its volleys against the Dodd-Frank Act by launching the Dodd-Frank Burden Tracker, which is billed as ‘an online resource to help the public keep track of all the new government rules and red tape required by the Dodd-Frank Act.’
According to a statement released by the committee's chairman, Rep. Spencer Bachus, R-Ala., the Dodd-Frank Burden Tracker has determined that federal regulators have written 185 of the 400 rules contained within the legislation, totaling 5,320 pages. Bachus adds that it will take ‘private sector job-creators 24,035,801 hours every year to comply with these first 185 Dodd-Frank rules.’
On Wednesday, the committee voted along party lines to advance legislation that repeals a section of the Dodd-Frank Act that allows the Federal Deposit Insurance Corp. to liquidate large financial institutions seized by the government. The legislation, which was part of an effort promoted to decrease the federal budget, is unlikely to pass the Democrat-controlled Senate.
The Dodd-Frank Burden Tracker can be found on the Financial Services Committee's website.