|Rep. Farenthold on the One Year Anniversary of the Dodd-Frank Act|
|Thursday, July 21, 2011|
Washington, D.C. – The Dodd-Frank Act was signed into law one year ago today. Rep. Blake Farenthold issued the following statement regarding the Act which created the Consumer Financial Protection Bureau.
“The Dodd-Frank Act is a massive regulatory bill which will cost the American taxpayers an estimated $1.25 billion dollars over the next year. If fully implemented, the Act will drain over $27 billion dollars in regulatory fees from the economy over the next 10 years. In today’s economy, and with national unemployment on the rise, excessive regulations will hurt our financial institutions, small businesses, and every American.”
“Texas is a model for getting the economy back on track with low taxes and a business friendly environment. Home to nearly 400,000 small business owners, Texans need liquidity in the financial markets to grow their businesses-- not the excessive regulatory burdens in the Dodd-Frank Act.”
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