Patrick McHenryChairman

Washington, March 30, 2011 - The Dodd-Frank Act will result in a bigger and more expensive Federal government. 

That’s the point the Financial Services Committee is driving home in a video released on Wednesday.  The video, which can be viewed on the Committee’s website and on YouTube, coincides with a hearing of the Oversight and Investigations Subcommittee on the budgetary and economic costs of implementing Dodd-Frank.  The Government Accountability Office estimates it will cost $2.9 billion to implement the law over five years.  The Federal government workforce will also have to increase by 2,600 new full-time employees, according to the GAO.

“Growing the size and cost of government, which the Dodd-Frank Act does, will not help our economy.  Instead we must reduce spending and get government out of the way of America’s job creators,” said Financial Services Committee Chairman Spencer Bachus.  “Adding 2,600 more bureaucrats onto the Federal payroll doesn’t count as a jobs plan.”