“With the number of eligible Americans participating or looking for work at the lowest it has been since 1978 (63.2%), promoting job creation and economic growth remains my top priority,”
Texas Insider Report: WASHINGTON, D.C. – This week Rep. Ralph Hall (TX-04) voted in favor of two bipartisan jobs bills that work to strengthen economic opportunities for individuals and small businesses by addressing excessive and unnecessary regulations imposed by the Dodd-Frank Act. H.R. 2374, The Retail Investor Protection Act, passed 254-166 on Tuesday. H.R. 992, The Swaps Regulatory Improvement Act, passed 292-122 today.
“With the number of eligible Americans participating or looking for work at the lowest it has been since 1978 (63.2%), promoting job creation and economic growth remains my top priority,” said Hall. “And while the government doesn’t create jobs, it does make policy decisions that impact our economy. That is why I am happy to support The Retail Investor Protection Act and The Swaps Regulatory Improvement Act. These bills work to provide economic certainty, job security, and financial freedom for individuals and small businesses.”
Hall continued, “One of the most obvious steps Congress can take to encourage job creation is to cut down the heavy burden of complex federal regulations. Although certain regulations are necessary to maintain safety and accountability, it’s important to ensure regulations are fair and that the cost doesn’t outweigh the benefit. Subjecting small business owners, farmers, ranchers, and manufacturers to new Dodd-Frank regulations designed for big Wall Street firms is not only unfair, but harmful to the economy and job security.”
“I will continue my efforts to promote job creation and economic growth on behalf of all Americans – these are the top priorities of my constituents and I remain focused on representing their views in Washington.”
The Retail Investor Protection Act requires the Department of Labor to postpone new fiduciary regulations until the Securities Exchange Commission (SEC) finalizes its own rule on fiduciary care standards. The Department of Labor regulations could increase costs that would be passed on to consumers, as the SEC is in the middle of cost-benefit analysis to determine the benefits of such a rule.
The Swaps Regulatory Improvement Act protects farmers, ranchers, manufacturers, and small business owners from overbearing regulations that would hurt their ability to manage risk and protect themselves from fluctuations in the price of fuel, fertilizer, and other commodities. The bill allows federal banks to continue providing risk-mitigation efforts to farmers, ranchers, manufacturers, and small business owners.
