WASHINGTON, D.C. – Congressman Robert Hurt (R-Virginia) released the following statement after attending a hearing held by the Committee on Financial Services entitled, "Who's In Your Wallet: Examining How Washington Red Tape Impairs Economic Freedom:"
"The bottom line is that Washington red tape is hindering our Main Street businesses from being able to infuse much-needed jobs into our fragile economy. As I travel across Virginia's Fifth District, I continue to hear troubling stories about the impact of federal regulations from consumers, community banks, and credit unions, and the fact is that federal regulatory burdens are resulting in higher costs and fewer choices for consumers and families. The Dodd-Frank Act, which exemplifies Washington's belief that regulators know best, is composed of 2,300 pages and includes 400 new government dictates. This extreme level of regulatory power must be reined in so that we can grow our economy and create jobs for the American people. My colleagues and I will continue the Financial Services Committee's commitment to robust oversight of these regulators as they implement Dodd Frank to ensure that any regulations implemented are not overly costly and burdensome.
"At a time when far too many Virginians and Americans are out of work, it is crucial that we support policies that will cut the federal red tape that is holding our economy back. I look forward to continuing to work with my colleagues on the Financial Services Committee to this end."