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Rep. Randy Neugebauer, (R-Texas), on the costly impact of the Dodd-Frank law and the many jobs created to enforce it.
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-- Dodd-Frank the 2300.
Page financial overhaul law introduced shortly after the financial crisis.
Nothing but a big huge mess.
As you know it was supposed to stabilize the housing market end too big to fail strengthen our economy and create everlasting world peace.
Just kidding about the last part of that joining me out congressman -- -- the chair of the oversight and investigations subcommittee and he has studied at link the -- impacts congressman I read your numbers today.
I got to tell you I'm astonished by this let me just give one -- numbers -- here Dodd-Frank man hours required to implement this thing.
22 point six million.
That is astonishing to me what is going on here.
What jury it is it's outrageous I mean we'll leave you said 4300 page docs bill it calls for.
400 rule making opportunity just to put that in perspective they were sixteen and sarbanes Oxley.
Now what I have my staff do is look at the first 140.
Pages from the first 140 rules come out and as you said 42 million man hours could have put that in perspective.
Is that it -- twenty million man hours to.
-- the Panama Canal that connected to bodies of water and what we're gonna connect here's a bunch of lawyers to a bunch of billable hours.
That's exactly what it's gonna do you know I made the point at the top of the show that in many ways this is the real Obama jobs creation bill lightning.
Because -- got thousands of jobs created Washington you'd say maybe as many as well.
At a news report says as many as 8000 jobs you say another 2200.
-- appear at Wall Street.
This is crazy.
Well it is crazy and knew the problem is is that regulations reform of taxation and other words they have monetary a consequences.
-- you I'm sure where there was an article in the economist here a few weeks ago and they reported a 2010 studied -- -- BHP had.
-- showing that regulations cost American business is almost 101500.
Dollars.
Per employee.
And we'll certainly -- may need to certain a little bit of regulation but I would imagine a lot of those workers would like to have part of that 101500.
Dollars for their own wages.
Rather than their employer having to pay that.
Two I'm -- clients of regulations.
You bet you you say that the amount of federal spending already.
Already done you've already paid for a people -- taxpayer dollars to work one point 25 billion implementing this thing it's not even written.
Most of its not even written we don't even know what the rules are.
A chart we're just 13 of the way through it right near Jerry I think that's the scary part you -- -- -- these are big numbers -- you and are talking about and we have to understand it.
It's just 13 of the way this bill -- some of these rules in -- have over a million.
I'm Mohamed and man hours of compliance in number of what one point eight million -- -- -- you know that that's ridiculous.
In I think one of the things that we we think that needs to be happening here that we're concerned it's not happening.
It's some kind of cost benefit analysis done on these rules before they're they're made final.
You know certainly we need a certain amount of regulation.
But what we're not doing is saying what it's gonna be the ultimate benefit if we do -- regulation but more importantly what does it cost in in making sure the two of those actually make.
Since well -- -- the administration for that and they said they'd do it or they didn't saying we're not gonna provide you with that.
Well in many cases they say what they're doing it but what we think you're doing is sometimes after the fact what we think -- an important part of this process.
He's you put together the rule.
You do and in a cost benefit analysis.
-- -- put those out for comment as well as the rule.
So that people have an opportunity not only to respond to the requirements of the rule.
But also to -- possibly -- -- they disagree with the cost benefit analysis because obviously if you're the one putting out the regulation.
You're always gonna be the one that shows there's a lot more benefit -- there is -- I know to cost so we need some third party validation here.
We repeal parts of this.
When it make more sense to take the -- back and try at that margins can change in here and there.
We jury that would be ultimately the best thing to do but certainly what we need to do is go through him and one of things that I have my staff doing.
He's looking at some of these rules that they're coming out you know calling the regulators in and asking them to explain that.
And more and purging in many cases for them to be sure they're doing that cost -- -- film analysis and not just a a cursory -- but -- retail cost benefit analysis.
What what we saw for example CFTC is one of the -- -- commissioners the other night.
Say that they had actually committed regulatory malpractice that they weren't doing a good job of doing cost benefit analysis and this is a commissioner that sits on -- commission.
Well you -- gonna have to share those details with this.
As you get then congressman I'd love to see that that would be fascinating thanks for coming on tonight I that the numbers were fascinating great stuff.
At this Dodd-Frank.
Below via sun continues thank -- there.
