As hundreds of Dodd-Frank rules begin to materialize, many studies have claimed that the cumulative weight of the rules will have an adverse impact on the ability of American companies to compete internationally.
“No other industrialized countries in Europe or around the world plan to enact provisions that parallel the U.S. restrictions…U.S. banking entities could lose business to their competitors in Europe and elsewhere.” Government Accountability Office Study
“If bank profits drop at home because of the Volcker rule, U.S. banks may move their proprietary trading activities to their foreign operations. This transfer could have a negative impact on U.S. trade in financial services.” Congressional Research Service
“If some countries do not adopt the same high standards and enforce them with the same rigor, we could wind up with an unlevel playing field that gives an advantage to firms in countries with less stringent standards.” Mr. John Walsh, Acting Comptroller of the Currency
To view the full collection of studies explaining the impact of Dodd-Frank on global competitiveness, view this week’s Fast Facts here.