"Mr. Chairman, thank you for holding today's hearing on the effects of the Dodd-Frank Act on consumers, investors, and job creators.
"As we approach the two-year anniversary of Dodd-Frank, regulators are still working through the more than 400 new rules and directives with insufficient concern or understanding of the cumulative impact of these regulations on our economy. It is critical that this Committee continue to scrutinize the effects that these new regulations will have on consumers, small businesses, community banks, credit unions, and other financial institutions.
"As I travel across Virginia's Fifth District, I am constantly reminded by my constituents that Dodd-Frank has caused negative effects on job creation and will lead to less access to credit for consumers, higher costs for capital for small businesses, and piles of federal regulations to work through.
"As our nation struggles through high unemployment and minimal economic growth, it is increasingly apparent that many of the regulations prescribed by Dodd-Frank will continue to act as a hindrance to our job creators and America's economic recovery.
"I'd like to thank your distinguished witnesses for appearing before the subcommittee today, and I look forward to their testimony.
"Thank you, Mr. Chairman. I yield back the balance of my time."