Skip to comments.Dodd-Frank — The Jobs Bill No One Talks About
Posted on 10/28/2011 9:01:21 AM PDT by fightinJAG
President Barack Obama may be smarting because his sweeping jobs bill has mostly stalled in Congress, but the Dodd-Frank billmuch maligned as a job killercould boost the kind of work Democrats find hard to tout.
The Dodd-Frank financial reform overhaul last year aimed to curb the excessive Wall Street risk-taking that nearly leveled the financial system. It subjected the $600 trillion global derivatives market to regulation, increased banking oversight and created a new consumer protection bureau, among other measures.
And a debate has raged ever since over the impact of Dodd-Frank, with Republicans asserting the costs and uncertainty created by new regulations keep companies from hiring and force them to cut jobs.
But arguably, the more visible impact is the growth of a cottage industry of lawyers, compliance experts and other consultants, which does not score the kind of political points for Obama that new jobs for unemployed autoworkers would.
It's difficult to quantify exactly how many jobs have been created, but there are signs everywhere the legislation will produce a large number of high-paying jobs as hundreds of rules are rolled out over the next few years.
"Call me cynical, but I think pretty much any time Congress legislates in the area of securities and financial regulations, it tends to benefit lawyers and consultants," said Russell Ryan, a partner at King and Spalding.
(Excerpt) Read more at cnbc.com ...
Hey! It’s darn easy for the government to create jobs!
Just pass reams and reams of new laws and regulations and watch the accountants, lawyers, compliance experts and supporting cast line up to be assigned their new cubicles.
And don’t forget about all the new fees and charges that then get passed on to consumers — that creates unemployment, which Pelosi said unemployment benefits and foodstamps create jobs. It’s easy!
MUCH better than digging ditches and filling them in again.
Or breaking windows.
After we repeal this criminal act, one which Newt has at the top of his list, lets make sure we nail these parasites Frank and Dodd’s a##es to the wall. Im sure there is quite a bid of illegal activity in thier closets
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