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A terrific long form read on the scale of US Govt. regulation. Dodd-Frank, which not only created a powerful agency called the CFPB also created more than 22,000 pages of rule releases which add up to more than 34 copies of Moby Dick!
The financial industry has bristled at the regulatory burden of Dodd-Frank since its passage. There’s no doubt it has added significant costs to the operations of big banks. In his annual letter to shareholders earlier this year, for instance, JPMorgan Chase CEO Jamie Dimon reported that since 2011 the number of employees dedicated to regulatory “controls” at the bank had risen from 24,000 to 43,000 and the yearly cost associated with that compliance effort had jumped from $6 billion to $9 billion. Of course, any compliance expenses pale in comparison to the cost of the financial crisis, which economists at the Dallas Fed calculated conservatively a few years ago to have been anywhere from $6 trillion to $14 trillion.
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