The Clearing House Association joined fellow trade associations in a policy brief in response to questionable assertions of a "taxpayer subsidy" to large banks. The policy brief states that the recent estimation that large banking companies enjoy a subsidy worth $83 billion is based on a flawed methodology, and on the extrapolation of stale and unreliable financial market data collected before passage of the Dodd-Frank Act. Furthermore, several more recent studies indicate that, since the passage of Dodd-Frank, any cost of funding advantage has been dramatically reduced or even eliminated.