Hatch Opposes Job-Killing Financial Regulation Bill

Press Release

U.S. Senator Orrin Hatch (R-Utah) today opposed a massive financial regulation bill that will freeze much-needed credit, send American jobs overseas, and add layers of burdensome, ineffective regulation on the backs of small businesses. Hatch issued the following statement:

"This bill is a bad for Utah and our nation. Our financial system needs to be fixed, but this so-called cure will cause more harm than good to our struggling families, businesses, farmers, ranchers and economy. This massive legislation is a job killer -- it will hurt Main Street America's ability to access much-needed credit. It will send American jobs overseas. And it will add layer upon layer of burdensome regulations on to the backs of struggling job creators.

"This tremendous government overreach punishes those who had nothing to do with the financial meltdown and can't afford an army of lobbyists and attorneys to get around these new regulations. What could be the most offensive part of this bill is what it's missing: reform of Fannie Mae and Freddie Mac, the two government sponsored agencies that were largely responsible for the financial meltdown and that taxpayers have been forced to shell out of $200 billion to support. That is outrageous.

"The added burden of regulation and uncertainty brought by this legislation are more examples of why our economy is not producing the number of jobs we need. The Obama Administration and its allies in Congress are doing everything possible to create a business unfriendly climate that is anti job creation and anti growth, and then they wonder where the new jobs are."

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