Federal financial overhaul to tally $1 billion/year - KWWL - Eastern Iowa Breaking News, Weather, Closings

Federal financial overhaul to tally $1 billion/year


WASHINGTON (AP) -- Congress' chief auditor is telling lawmakers that the financial overhaul law that Congress and President Barack Obama enacted last year will cost almost $1 billion to implement this year.  Very little of that is coming directly from taxpayers.

According to Government Accountability Office figures obtained by The Associated Press, the one-year cost for 11 agencies for hiring new workers and other expenses is about $974 million.  Only three of those agencies get their money from taxpayers' dollars that are budgeted by Congress.  The new law's price tag for those three agencies comes to about $83 million.

The other agencies' budgets come from assessments levied on the companies they regulate, or from the Federal Reserve.  The central bank's revenues come chiefly from interest on government securities and fees from banks.

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