The price tag to implement the 2010 Dodd-Frank Act that manadates reforms of the nation's financial companies could be a staggering $1 billion, according to the General Accounting Office (GAO).

The GAO also estimates more than 2,000 employees will be needed to oversee the various programs mandated by Dodd-Frank.

There are 11 agencies chaged with implementing Dodd-Frank, including the Treasury Department, the Federal Reserve and Federal Deposit Insurance Corp. These agencies reported to the GAO they would collectively need some $973 million to oversee Dodd-Frank's rules. Most of the expenses would be recurring costs, most of which will likely be funded by taxpayers.

One of the more controversial provision of the Dodd-Frank Act was the establishment of the Consumer Financial Protection Bureau (CFPB). The CFPB alone may require $329 million in funds in fiscal 2012 and more than 883 new employees, according to the GAO.

Republican legislators have recently proposed several changes to Dodd-Frank, partially in an attempt to control expenses associated with the law.