Andy Barr: “When former President Obama signed the Dodd- Frank financial control law into law about 7 years ago, supporters promised…”

“When former President Obama signed the Dodd- Frank financial control law into law about 7 years ago, supporters promised that it would repair the economy; they promised that it would end too big to fail; they promised it would enhance financial stability and protect consumers. But none of those promises have been kept. Nearly 9 years after the financial crisis, Americans are still stuck in the slowest, weakest economic recovery in 70 years. The percentage of Americans who are actually in the workforce is at its lowest level since the late 1970s, and we still have not fully reached the potential of our economic recovery. This is precisely because of the Dodd-Frank law. The Dodd-Frank law has clogged the plumbing of our economy with an avalanche of red tape. Far from ending too big to fail, Dodd-Frank has guaranteed that too- big-to-fail banks will get a taxpayer bailout whenever they go into distress. As big banks have gotten bigger as a result of Dodd-Frank, the small banks, the community banks, the credit unions--the credit providers for the entrepreneurs, the small businesses, the job creators in this country--are fewer. That is a huge problem for the dynamism of the economy, and that is one of the reasons why we haven't seen economic recovery the way that we should. Dodd-Frank has made it more difficult for small businesses and startups to obtain capital to grow, invest, and hire.…”