Congressman Robert Hurt (R-Virginia) released the following statement after a Financial Services Committee hearing entitled, “Assessing the Impact of the Dodd-Frank Act Five Years Later.”
“This month marks the fifth anniversary of the Dodd-Frank Act, which was sold to the American people as a solution to the financial crisis of 2008. A recent Harvard study articulates how Dodd-Frank has actually given Wall Street an advantage over Main Street – the exact opposite of what its proponents said it would do. The consequences of this misguided law have been increased burdens on our Main Street banks and their customers through excessive regulations, contributing to a stagnant economy and unnecessarily high unemployment rates.
“Dodd-Frank created nearly 400 new government mandates are a threat to our nation’s financial stability. Our economic system was founded upon the fundamental principles of free enterprise and free markets, but Dodd-Frank blatantly ignores these core foundations, instead mistakenly trusting that Washington bureaucrats can regulate our country’s economic growth.
“Since Dodd-Frank’s implementation, I have worked with my colleagues on the Financial Services Committee on both sides of the aisle to examine what we can be doing to implement more commonsense and effective policies to shore up our economy, and we will continue work to eliminate the burdens hindering our economic growth. I remain committed to relieving Fifth District Virginians from federal overregulation that threatens economic growth and stability.”
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