U.S. House of Representatives Committee on Financi : Chairman Bachus Comments on Dodd-Frank Act Anniversary
07/21/2012| 04:10pm US/Eastern
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Chairman Bachus Comments on Dodd-Frank Act Anniversary
Washington, Jul 20 - Financial Services Committee
Chairman Spencer Bachus released the following statement on
Friday to mark the second anniversary of the Dodd-Frank Act
becoming law:
"When President Obama signed Dodd-Frank into law two years
ago, he promised it would provide 'certainty to everyone from
bankers to farmers to business owners to consumers.'
Today we look at the sad shape of our economy and realize
Dodd-Frank has had precisely the opposite effect.
Supporters of Dodd-Frank sold it as 'Wall Street reform,' but
as our committee has learned from listening to hundreds of
witnesses, it is Main Street that is getting crushed under
the law's 400 new rules and mandates. The layers of red
tape Dodd-Frank piles on our economy cause more uncertainty
for American businesses and hinder their ability to grow and
create jobs.
"With tens of millions of Americans still unemployed, there
is no more important task we have than to promote an
environment that cultivates job creation, and that means
thoroughly examining the job-killing provisions of
Dodd-Frank. Our committee has been hard at work
conducting oversight and passing legislation to reverse
unnecessary Dodd-Frank regulations in order to increase
certainty, end taxpayer bailouts, and promote job
creation."
Note: For more information on the committee's
Dodd-Frank related activities,
click here.
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