As Dodd-Frank Creates More Economic Uncertainty House Republicans Work to Improve Oppressive Regulatory Environment
Texas Insider Report: WASHINGTON D.C. U.S. Congressman Bill Flores (R-Texas) former business owner released the following statement on the one year anniversary that the Dodd-Frank Act was signed into law a sweeping financial regulatory reform bill put forth by the Democrat-controlled 111th Congress that was intended to restore certainty in the economy:
Today marks one year since the Dodd-Frank bill was signed into law and its negative impacts on our Nations competitiveness and job creation in the global economy are painfully clear. Our national unemployment rate is currently at 9.2 percent and it has remained above 8 percent for 29 months the longest period of sustained high unemployment since the Great Depression. One out of every six working-age Americans are out of work or underemployed and it now takes an average of 10 months for out of work Americans to find a new job.
The 2300 pages of rules and regulations in the Dodd-Frank law are filled with intended and unintended consequences that will harm the private sector in America including community financial institutions in Texas. Dodd-Frank limits consumer choice restricts access to capital and increases the cost of credit for families and job creators hindering the main purpose of banking: lending. As Dodd-Frank continues to skirt accountability and spur uncertainty in the economy the Obama administrations oppressive regulatory regime is pushing a growing number of job opportunities overseas. When businesses are tied up in bureaucratic red tape job-creators and entrepreneurs are forced to decide that operating in America is no longer good for business.
While Washingtons oppressive regulatory regime on American employers continues to hamper private sector job creation and economic recovery House Republicans continue to push for real solutions to put the American people back to work. In our Plan for Americas Job Creators we are pressing for an improved regulatory environment in Washington in order to restore confidence needed for job creating industries and entrepreneurs to invest in our economy. House Republicans are committed to taking every possible step to spur job creation and get our economy back on track so that we may restore Americas promise prosperity and security for future generations."
For more information on House Republicans plan for job creation please visit www.jobs.gop.gov.
