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Friday, February 15, 2013

GAO: Financial Crisis Cost Economy $13 Trillion

The 2008 financial crisis cost the U.S. economy as much as $13 trillion, according to a Government Accountability Office report released yesterday. The report was published as part of a Dodd-Frank Act cost-benefit analysis.

While the Dodd-Frank Act’s “reforms could enhance the stability of the U.S. financial system and provide other benefits, the extent to which such benefits materialize will depend on many factors whose effects are difficult to predict,” the report said.

According to the report, financial federal regulators reported increasing funding resources associated with implementation of the Dodd-Frank Act in 2012. The CFPB reported funding resources associated with Dodd-Frank of $432 million since 2010, while the agency has hired or redirected 831 full-time equivalent employees to positions directly related to the implementation of the Dodd-Frank Act. The Federal Reserve reported cost directly related to Dodd-Frank implementation of $163 million since 2010, while hiring or redirecting 964 full-time equivalent employees to positions directly related to the implementation.

Read the report.

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