Financial Regulatory Reform Bill Reduces Deficit « The Washington Independent
Jul 31, 202021.3K Shares1M Views
The Congressional Budget Office has releasedits review of Sen. Chris Dodd’s (D-Conn.) financial regulatory reform bill. It says the bill reduces the deficit by $21 billion over 10 years, with the money raised coming mostly from charging banks to pay into a fund available to the government to liquidate failing firms.
Additional items of note:
- The bill increases revenues $32.4 billion from now until 2015 and $75.4 billion between now and 2020. It increases spending over those period by $25.8 billion and $54.4 billion, respectively.
- The bill would start reducing the deficit by slight amounts as soon as it is implemented.
- The creation of the Consumer Financial Protection Agency would cost $3.2 billion between 2011-2020. The CBO estimates it will require 515 staffers.
- The bill would increase fees the SEC collects from financial firms by $650 million over five years, and fees firms pay to other regulators by $500 million.
Of course, the gains here are minuscule when viewed through the lens of the federal budget. But the value of preventing another widespread financial crisis, costing millions in jobs and trillions in household wealth? Priceless.
Dexter Cooke
Reviewer
Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide.
He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina.
Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations.
As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all.
Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
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