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Gallagher Highlights Regulatory Burden of Dodd-Frank on Financial Services Firms

SEC Commissioner Dan Gallagher recently highlighted the aggregate impact of post Dodd-Frank reforms on financial services firms with the release of an infographic. Gallagher noted that in several instances no cost-benefit analysis was required before passing rules, and in others the cost-benefit analysis only examined the incremental effects of the rule in question. He suggested that it is important to evaluate the “overall regulatory burden.” Gallagher stressed his belief that the stakes are “considerable” and that “regulatory burdens divert capital away from the real economy—this acts as a barrier to entry for new market participants and further entrenches those institutions that are increasingly ‘too big to fail.’”