|WASHINGTON - Supporters of the Dodd-Frank Act promoted it to the American people as “Wall Street reform.” But in reality, the true impact of this mammoth 2,300-page law is felt far from Wall Street.
With the law’s second anniversary approaching later this month, the Financial Services Committee has launched a new online survey of 10 simple questions to help Americans understand how Dodd-Frank’s red tape affects them as they conduct their daily activities.
“Do you purchase food for yourself or your family?”
“Are you in need of a small business loan?”
“Do you use a small community bank?”
“Are you trying to buy a home?”
“Are you concerned that the government will bail out (again) banks that it thinks are ‘too big to fail’?”
Those are some of the questions asked in the interactive survey to demonstrate how the 400-plus regulations required by the Dodd-Frank Act will impact the lives of virtually every American.
July marks the two-year anniversary of the Dodd-Frank Act being signed into law. In a sign of its complexity, regulators estimate it will take American businesses more than 24 million hours every year to comply with the first 224 of the Act’s more than 400 rules.
To take the survey click here.