Congressman Robert Hurt today released the following statement after Secretary of the Treasury, Timothy Geithner, delivered his annual report to the House Committee on Financial Services:
"As I travel across Virginia's 5th District, I am constantly reminded of the negative effects Dodd-Frank has on job creation. And Secretary Geithner's testimony today has only reinforced what we see in the 5th District -- this law has has restricted access to capital for small businesses, added piles of federal regulations on our Main Street banks, and created an unacceptable climate of uncertainty for our businesses. As our nation struggles with 8% plus unemployment and a stagnant economy, it is increasingly apparent that many of the 400 new regulations set forth by Dodd-Frank will continue to act as a hindrance to our job creators and to America's economic recovery.
"As a Member of the Committee on Financial Services, I have been committed to exercising rigorous oversight as this law continues to be implemented. With only half of the regulations in place, Dodd-Frank is already costing our economy jobs. In order to mitigate these effects, the Committee has conducted a number of hearings and introduced dozens of legislative initiatives in an effort to put an end to the federal over-reach. I appreciate Secretary Geithner's testimony today as a reminder of the important work ahead in removing this one-size-fits all, bureaucratic approach as a roadblock to Main Street job creation in order to get our economy back on track."