douglas elmendorf was interviewed by "washington post" reporter amy goldstein in maryland. this is about half an hour. [applause] >> good morning. i am delighted to have the opportunity to open the eighth annual world health care congress, and to wall chum you, a global gathering of health care, government, and corporate leaders. we are the leading diagnosed -- not the testing work with health plans to -- diagnostic testing working with health plans and physicians. demonstrating quality consumer choice, cost effectiveness, and transparency in health care. thinking back to last year, almost to this very day, the big news at the conference with the just-signed patient protection and affordable care act. as we all know, a 2000-page bill designed to change how help care is delivered and paid for in the u.s. on the same stage last year, our next speaker, dodd elmendorf -- douglas elmendorf, discussed in great detail how the cbo calculated the multi-year impact that this bill would have on the overall bnl of the federal government. for those of you who were here last year, you mi

director, the congressional budget office director, douglas elmendorf, said the dodd-frank act is expected to impose nearly $27 billion in new private-sector fees, assessments and premiums. this amount includes more than $14 billion in new fees on banks. and guess where that money is going to end up in regards to consumer costs? now, our community bankers and their customers are worried about the impact of these new requirements. that's got to be the understatement of my remarks. they are frustrated, they are angry, they are upset. not every regulation will apply to the community banks. they tell me the rapid pace of the new regulations are placing a strain on any bank's requirement capabilities and are adding significantly to their operating costs. many banks tell me they are reevaluating whether they can afford to offer some products and services such as mortgage lending. yeah, you got that right. if you live in a small community and you go to your local bank and you'd like to get a loan in regards to finance and mortgaging, sorry, they're out of the business. it is important to understa