FOR IMMEDIATE RELEASE: July 21, 2011
CONTACT: Rachel Semmel
Rep. David Schweikert on Dodd-Frank One-Year Anniversary: “This Administration has regulated us to higher unemployment”
Washington, D.C. – Rep. David Schweikert (R-AZ), a member of the House Financial Services Committee and Vice Chairman of the Subcommittee on Capital Markets and Government-Sponsored Enterprises, made the following statement on the one-year anniversary of the enactment of the Dodd-Frank Wall Street Reform bill:
“We haven’t needed a full year to realize how devastating Dodd-Frank has been on job creation and market stability.
“For a bill that is 2,300 pages long and contains more than 400 regulations and mandates, it sure has not lived up to its promises of economic growth and certainty. These 400-plus overreaching regulations are led by one single unelected, unaccountable regulator who runs a massive new federal bureaucracy in the name of ‘consumer protection.’
“By the time the second anniversary of Dodd-Frank would roll around, this bill will have cost more than $1.25 billion in the hiring of thousands of new bureaucrats. This symbolizes everything that is wrong with Washington.
“If Dodd-Frank has taught us anything, it is this: we don’t need more czars, we need more competition. We don’t need more bureaucrats, we need free markets and fewer regulations. We don’t need empty promises, we need economic certainty.
“I, along with my Republican colleagues in the Financial Services Committee, are dedicating our resources to rolling back these oppressive regulations and working to create more certainty in the markets.
“When Washington picks winners and losers, no one wins.”