Congressman Francisco "Quico" Canseco (TX-23), a former small businessman and member of the House Financial Services Committee, issued the following statement after the Financial Services Committee held back to back hearings regarding the impact Dodd-Frank has on families, businesses, and consumers:
"Today the Financial Services Committee continued our examination of the harmful effects Dodd-Frank is having on our economy. Our nation finds itself in the middle of a jobs crisis, with unemployment above 8% for forty-one straight months, and half of college graduates either unemployed or underemployed. This is due in no small part to the hundreds of burdensome rules Dodd-Frank heaped on the private sector in addition to creating new and unaccountable bureaucracies that will exercise greater control over the lives of American families."
"At one of today's hearings, we heard from a community banker in Texas who put it best: "Dodd-Frank hurts the people it is supposed to protect.' In the time since I've been sworn in, I've been astounded by the diversity of people I hear from who are affected by Dodd-Frank. These include community banks, small credit unions, farmers and ranchers that use financial markets to hedge risks, and even utility companies concerned that increased costs from the bill could be passed on to customers. These groups are a far cry from those responsible for the crisis, yet all of them have been negatively impacted by the enormous costs resulting from Dodd-Frank."
"The end result is that consumers will ultimately be hurt by this enormous bill. Costs will increase, financial and economic mobility will decrease, and more people will be shut out of the mainstream banking system. As I stated today, you can't just pile hundreds of rules on top of existing ones without taking into account the costs and call it "reform'. The obvious result from such an approach is that our economy suffers."
"I look forward to continuing our examination of Dodd-Frank and determining the best way to protect American families and consumers from its vast overreach."