Reform advocates: Dodd-Frank will boost economy by $2.9 trillion

Americans for Financial Reform is defending the Wall Street rules under Dodd-Frank, pushing back on a new study that it says “exaggerated” the negative impact on the economy.

By preventing the economy from slipping into another financial crisis, Dodd-Frank will create $2.9 trillion in economic benefits over the next decade, the group says.

This comes in contrast to a study released this week by the conservative American Action Forum that said the banking regulations stemming from Dodd-Frank would depress the nation’s gross domestic product by about $895 billion over the same time period. The group said the lost GDP would amount to about $334.60 per worker each year.

Americans for Financial Reform said the study failed to consider the benefits Dodd-Frank provides by protecting the economy from another financial crash.