On Tuesday, Senator Richard Shelby (R-AL) released a pair of bills aimed at reforming Dodd-Frank.  The first, technical corrections, seeks to make perfunctory changes to grammatical and technical errors in the bill itself.

The second is far more substantive; it seeks to amend the review process for regulations promulgated under Dodd-Frank. Specifically, the bill would require agencies to provide greater analysis of Dodd-Frank’s regulatory costs and benefits, and effects on economic efficiency.  Senator Shelby’s legislation could delay rules when the costs exceed benefits.

The American Action Forum (AAF) regularly tracks all regulations, using agency estimates. AAF has found the total costs for Dodd-Frank rules could exceed $15 billion. The quantified benefits of Dodd-Frank regulations: $0. In fact, many of the rules vaguely refer to the 2008 financial crisis, assuming the universe of Dodd-Frank rules will prevent another collapse.  However, many rules under the law, including regulations on mining and resource extraction, had no relationship to the 2008 crisis.

With hundreds of Dodd-Frank regulations remaining, there are plenty of chances for economists and agencies to design rules that have the greatest net benefits.  With 400 possible regulations, even a simple accounting of costs and benefits would be a step forward for regulators.