Congressman Robert Hurt (R-Virginia) released the following statement after a Financial Services Committee hearing entitled, “The Dodd-Frank Act Five Years Later: Are We More Free?” – the third in a three-part series examining the effects of the Dodd-Frank Act five years after its enactment:
“On our Main Street Tour, I met with countless Fifth District Virginians who talked with me about the need for common sense in Washington and in our regulatory system. I heard numerous stories about the Dodd-Frank Act and the impact it has had on the ability of community banks and credit unions to provide capital to small businesses, farmers, and Virginia families. Constituents told me that while this law was touted as Washington’s attempt to protect consumers, in reality it has only left consumers with fewer choices and higher costs to access capital. These crippling effects have been devastating to our economy, particularly in our rural communities.
“Today, on the day we mark the 228th anniversary of the signing of our United States Constitution, the Financial Services Committee’s hearing examined how the Dodd-Frank Act has impacted our personal freedom. In giving even more power to Washington bureaucrats, Dodd-Frank has made us less free and gravely inhibited individual freedom and choice. Though Dodd-Frank was intended to boost our economy, its overreach has resulted in a stagnant economy and it has disproportionately harmed smaller financial institutions.
“I will continue to work with my colleagues on the Financial Services Committee on both sides of the aisle to implement more commonsense and effective policies to shore up our economy and eliminate the burdens hindering our economic growth. I remain committed to relieving small businesses, farmers, and Virginia families from federal overregulation, like Dodd-Frank, that undoubtedly threatens economic growth and stability.”
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