New jobs come mainly from small businesses, and large and small businesses alike need capital to grow. When hardworking American families sensibly use credit to finance education, buy cars, or even remodel their kitchens, they are helping the economy.
President Obama promotes a policy of overbearing regulation, when Washington should be supporting economic growth. For example, the Dodd-Frank financial reform package has 400 new rules that limit financial options for families and businesses. It resulted in a mere two percent of economic growth.
As a Member of the House Financial Services Committee, I work every week to fix the problems Dodd-Frank produced while also pushing for its repeal.
I am not anti-regulation and I am not against needed reform. However, Dodd-Frank goes overboard, trying to fix non-existent problems and overlooking the government requirement of easy credit for people who are credit risks, which was the cause of the financial crisis.
Dodd-Frank also passes new regulations that are intended to help huge, “systemic risk” financial institutions and instead unnecessarily hurt small businesses, credit unions, and community banks—all harming the economy. In April, The House of Representatives passed legislation I wrote to make a small business advisory board within the Consumer Financial Protection Bureau to give a voice to small businesses when passing legislation.
The Bureau of Consumer Financial Protection Advisory Boards Act also creates permanent advisory boards for community banks and credit unions. My CFPB reform was approved by the House of Representatives by a bipartisan vote of 235-183 and was moved to the Senate for more action.
I am currently preparing to introduce the bipartisan Financial Regulatory Clarity Act of 2015, which will require financial regulators to make sure that proposed regulations do not contradict, clash, or copy other existing legislation. This will allow businesses to focus on creating new jobs by decreasing confusion and reducing the red tape currently holding back the economy.
As a Charlotte resident, I understand that the financial services industry is necessary for our local economy. I also understand how overbearing regulations make job creation difficult, as a former small business owner myself. As your Congressman and a Member of the Financial Services Committee, I want to find solutions to create jobs, cultivate an economy of opportunity, and serve hardworking American families.