Wednesday, July 23, 2014
"Assessing the Impact of the Dodd-Frank Act Four Years Later"
WASHINGTON, D.C. – Congressman Robert Hurt (R-Virginia) released the following statement after attending a hearing held by the Financial Service Committee entitled, "Assessing the Impact of the Dodd-Frank Act Four Years Later":
"Four years ago, Dodd-Frank was sold to the American people as a solution to the financial crisis of 2008, which wreaked havoc on our economy and left many families struggling with unemployment. Yet, this misguided law has done just the opposite by burdening our Main Street banks, credit unions and their customers with extensive regulations leading to slow economic growth and unnecessarily high unemployment throughout the country.
"With more than 2,300 pages and almost 400 new government mandates, as well as the formation of many new and unnecessary bureaucracies, Dodd-Frank puts an unprecedented amount of power in the hands of Washington regulators. This nation's economic system was founded upon the principles of free enterprise and free markets that allow Americans to thrive, and Dodd-Frank simply ignores these ideals, instead trusting that Washington can regulate our country to economic growth and security.
"In the aftermath of Dodd-Frank's implementation, I have worked with my Financial Services Committee colleagues on both sides of the aisle to examine what we can be doing to implement more commonsense and effective policies to promote economic growth, increase capital access for small businesses and families, and protect consumers. I look forward to continuing to work toward this very important goal of eliminating the burdens holding our economy back, and I remain committed to relieving Fifth District Virginians from the federal overregulation that is making it harder to fulfill their aspirations."
Click on the image below or click here for video of Congressman Hurt questioning the panel on the impacts of Dodd-Frank on our community banks.