U.S. Congressman Marlin Stutzman, a member of the House Financial Services Committee, issued the following statement regarding the committee’s hearing on how Washington’s red tape impairs economic freedom.
“From ObamaCare to Dodd-Frank, the White House can’t resist Big Government command-and-control. ObamaCare showed Hoosiers what happens when bureaucrats control health care decisions and Dodd-Frank is having similar devastating consequences on our financial institutions.
“Dodd-Frank’s regulations and new bureaucracies are driven by a pervasive ‘Government Knows Best’ ideology. Although the Fed exercises unprecedented powers, regulators lack appropriate accountability and transparency. Responsible rules are necessary but the costs of government regulation must never outweigh the benefits. We must tear down Dodd-Frank’s regulatory roadblocks and let community financial institutions, small businesses, and families get to work.”
On Tuesday, the House Financial Services Committee held a hearing “Who’s In Your Wallet: Examining How Washington Red Tape Impairs Economic Freedom.” The committee examined Dodd-Frank’s disproportionate impact on smaller financial institutions, the Consumer Financial Protection Bureau’s “Qualified Mortgage” rule, and the Federal Reserve’s controversial “Operation Choke Point.”