The Dodd-Frank Act has cost the average American household $310 for paperwork expenses in its six years of existence, the conservative think tank American Action Forum said in a study released Wednesday.
AAF also contended the law is responsible for a 14.5 percent decline in consumer credit.
“From a housing market still experiencing mediocre growth, to an uneven labor picture, to significant consumer impacts, it’s clear the law has fundamentally altered capital markets and added layers of complexity for individuals and financial institutions,” the study concluded.
With the increase in regulations, the group claimed small financial services firms continue to struggle as the law restricts the availability of financial products.
The group said despite having over half of a decade to develop the rules, financial regulatory agencies have yet to complete at least 61 Dodd-Frank mandated regulations.
Currently, 533 Dodd-Frank rules written by the agencies are on the books, according to the group.