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The Washington Independent
The Washington Independent

Financial Regulatory Reform Bill Reduces Deficit

Paolo Reyna
News
Last updated: Jul 31, 2020 | Apr 22, 2010

The Congressional Budget Office has released its 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.

Paolo Reyna | Paolo is a senior at the University of Illinois at Urbana-Champaign, majoring in International Studies with a Latin American emphasis. During the fall semester of 2012, he had the opportunity to study abroad in Peru, which piqued his interest in international growth. He learned about the disparities that impact indigenous peoples, got a taste of Peruvian culture, and improved his Spanish skills. Mitchel interned with the Chicago Council on Global Affairs, conducting research on food security in Latin America, after being inspired by his foreign experience. He wants to work in international development and for a government department, writing legislation. He loves playing intramural basketball and practicing for the Chicago marathon when he is not thinking about current events in Latin America.

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