Is the Largest Cost of Federal Regulation Not Measured? Insights from the (Growing) Wells Fargo Bank Scandal »
Lawrence J. McQuillan | Thursday April 27, 2017 at 3:59 PM PST | Comments Off on Is the Largest Cost of Federal Regulation Not Measured? Insights from the (Growing) Wells Fargo Bank Scandal
A widely-cited study by W. Mark Crain and Nicole V. Crain estimates the cost of complying with U.S. government regulations at a staggering $2 trillion per year, an amount equal to 12 percent of gross domestic product. Annual compliance costs average about $10,000 per employee. Businesses in the service sector shoulder the biggest burden...
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Tags: Consumer Financial Protection Bureau, cost of federal regulations, cost of government regulations, Federal Regulations, government regulation, Office of the Comptroller of the Currency, San Francisco, savings and loan crisis, W. Mark Crain, Wells Fargo Bank, Wells Fargo Bank scandal