Congressman Robert Hurt released the following statement today after attending a Committee meeting held to examine how burdensome regulations resulting from the Dodd-Frank law are making it harder for our small businesses to obtain access to the resources they need to expand and create jobs and tying up credit for American families:
"Since enactment of the Dodd-Frank Act, 5th District families and small businesses have suffered from its over 400 new regulations that have resulted in more government and less jobs for Americans across this country. The Dodd-Frank law has done little more than tie the hands of our small business owners, diminish access to the capital they need to hire and expand, and limit 5th District Virginians' ability to gain access to credit. This law, while intended to rein in too-big-to-fail banks, has caused devastating affects across the 5th District and the country, subjecting small business owners to additional red tape and families to a slower economy and fewer jobs. With today's hearing, the Committee has built on its track record of exercising necessary oversight as this law continues to be implemented in order to protect taxpayers, small business owners, families, and Americans across this country from the consequences of unnecessary federal over-reach."
Robert Hurt's Opening Statement
House Financial Services Subcommittee Hearing
July 9, 2012
"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."