The only certainty: regulation as a regressive tax Much of regulation is a fixed cost that affects new entrants disproportionately Mean compliance costs at US financial institutions by size 10.0% 7.5% 5.0% 2.5% 0.0% <$100m $100-250m $250-500m $500m-1bn $1bn-10bn Source: Dahl, Meyer and Neely 2016 Benedict Evans –– January 2020 119