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Public Statements

Issue Position: Repeal Job-Killing Legislation

Issue Position

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Repeal ObamaCare

ObamaCare is a man-made disaster of epic proportions that will make health care more expensive and the budget more bloated, and it must be repealed as soon as possible using any and all means necessary. Health care reform should have focused on increasing access while reducing costs, but ObamaCare made our health care system's problems even worse. ObamaCare added trillions of dollars in new federal programs that we can't afford, will drive up health care costs for American families and businesses, and diverted more than $500 billion from Medicare. True reform of Medicare and the nation's health care system are essential, but that process cannot begin until ObamaCare is repealed.

Repeal Dodd-Frank

Instead of ending the concept of "too big to fail," Dodd-Frank enshrined it by granting big banks far more regulatory and legal advantages than for smaller, better managed financial institutions. And even thought proponents of Dodd-Frank claimed that the legislation would greatly reduce the likelihood and cost of future federal bailouts, the legislation actually made taxpayer-funded bailouts even more likely. As Rep. Paul Ryan noted earlier this year, Dodd-Frank gave the Federal Deposit Insurance Corporation the authority "to access taxpayer dollars in order to bail out the creditors of large, "systemically significant' financial institutions."

Repeal Onerous Sarbanes-Oxley Regulations on Small Businesses

Section 404 of the Sarbanes-Oxley Act requires public companies to disclose their own assessments of internal controls over financial reporting as well as an auditor's opinion on the quality of internal financial controls. The cost of these requirements fall disproportionately on smaller public companies, while the benefits to consumers of the required disclosures are far more uncertain.57 A 2008 study by the Heritage Foundation's Center for Data Analysis found that the true costs of complying with Section 404 of the Sarbanes-Oxley law were 30 times higher than what was initially estimated by the Securities and Exchange Commission.58 And a 2010 academic study found that "large, more complex companies may benefit from Section 404 requirements at the expense of smaller ones, consistent with the criticism that a "one-size-fits-all' approach may not be desirable."59 The burdensome requirements of Section 404 create incentives for growing companies to avoid going public, depriving the U.S. of jobs and economic growth.

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