[Congressional Record Volume 157, Number 78 (Thursday, June 2, 2011)]
[House]
[Page H3927]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     NEGATIVE IMPACT OF DODD-FRANK

  (Mr. YODER asked and was given permission to address the House for 1 
minute.)
  Mr. YODER. Mr. Speaker, I rise today to discuss yet another negative 
impact the Dodd-Frank Act is having on the U.S. economy and job growth.
  As agencies here in the United States are scrambling to meet the 
unrealistic deadlines proposed by this act, and as community banks 
struggle under a mountain of new regulations that strangle our economic 
recovery, we have also done great damage to the competitiveness of the 
United States in the international financial marketplace.
  Other nations have yet to even consider the stringent regulations 
similar to the ones proposed in Dodd-Frank. Most important are the new 
proposed regulations that will require over-the-counter derivatives to 
be traded and cleared on exchanges.
  G-20 nations have stated a goal for the end of 2012 as the 
implementation date of any global derivative reforms. Our earlier 
upcoming deadline of July 16, 2011, for U.S. implementation of the 
derivatives reforms, puts the U.S. financial market at a significant 
global disadvantage and will further disrupt our economic recovery and 
job growth.
  Let's repeal these damaging economic provisions and let's get America 
back to work again.

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