SEC Commissioner Daniel Gallagher express concern about the aggregate impact of financial services regulation that have been imposed on U.S. financial services firms since the enactment of the Dodd-Frank Act in 2010. In a public statement Commissioner Gallagher noted: “These regulations come from an alphabet soup of domestic regulators… No regulator, as far as I know, has considered the overall regulatory burden on financial services firms when determining whether to impose additional costly regulations.”
In an attempt to provide transparency and “help the public fully grasp the breadth of recent rulemaking,” SEC staff prepared a diagram of the issue. “I hope this stark depiction can spark a much-needed debate about the regulatory burden that has been placed on our financial services industry in just the last 4.5 years alone,” said Commissioner Gallagher.
Read Commissioner Gallagher’s public statement.
View the diagram.