Andy Barr: “Today, I rise to discuss the negative consequences of the Dodd-Frank law, as well as reforms to the law that would…”

“Today, I rise to discuss the negative consequences of the Dodd-Frank law, as well as reforms to the law that would represent much-needed solutions for middle class families in Kentucky and across the country. When this act was signed into law nearly 5 years ago, its supporters made many promises. President Obama claimed it would ``lift the economy'' and that it would help protect Main Street, not Wall Street. In both of these instances, the opposite has proven true. While the President is claiming victory on the economy, many Kentucky families and families across America are still hurting. Last year, the U.S. economy grew at an anemic 2.4 percent, the ninth year in a row of growth below the postwar average of about 3 percent. President Reagan also inherited a very difficult economic situation; however, if this recovery had progressed at the same rate as the Reagan recovery of the 1980s, the economy would be about $2 trillion larger, which works out to be about $1,500 more per family per year. This is hardly the boom that the President talks about. Growth this low for this long is simply not fast enough to lift incomes for most Americans. A primary cause of the weakness of this recovery is the avalanche of red tape coming out of the Obama administration, including the nearly 400 new rules and regulations arising from Dodd-Frank that are crushing small communities around the country.…”