The House Financial Services Committee has developed the Dodd-Frank Burden Tracker, a method to keep tabs on the implementation of the Dodd-Frank Act. Government regulators have written 185 of the over 400 new rules and regulations required to comply with the act signed by President Obama in July 2010. According to what MHProNews.com has learned from  Committee Chairman Rep. Spencer Bachus (R-AL),  business will have to spend excessive amounts of time “dealing with all this red tape instead of engaging in the activities that grow our economy and create jobs.” Rep. Randy Neugebauer (R-TX) says, “It will take over 24 million man hours to comply with Dodd-Frank rules per year. It took only 20 million to build the Panama Canal.”

(Image credit: House Financial Services Committee)