[Congressional Record (Bound Edition), Volume 163 (2017), Part 7]
[House]
[Page 8903]
[From the U.S. Government Publishing Office, www.gpo.gov]




                   DODD-FRANK HINDERS ECONOMIC GROWTH

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Pennsylvania (Mr. Rothfus) for 5 minutes.
  Mr. ROTHFUS. Mr. Speaker, for the past 8 years, we have been stuck in 
the slowest economic recovery in 70 years. With all the debate about 
the Financial CHOICE Act today, a simple question gets to the heart of 
the matter: Do we want to grow again?
  I contend, Mr. Speaker, the answer is--the answer has to be a 
resounding yes. It has to be yes because there is a moral imperative at 
play. The Financial CHOICE Act is about ending a stagnant status quo 
that is crushing our economy and opportunity.
  Multiple studies show that the Dodd-Frank Act has hindered economic 
growth. One study estimates that, because of the overregulation we have 
seen since the 2008 financial crisis, there are 650,000 fewer small 
businesses than there otherwise would be, which would have provided 6.5 
million jobs. That is 6.5 million people not utilizing their God-given 
talents for the betterment of society. That is 6.5 million people not 
paying the Social Security, Medicare, and income taxes that we need to 
fund critical programs.
  Some just want to raise taxes on the already-burdened taxpayers. I 
say, let us get new taxpayers into the game. Having more taxpayers 
helps us to pay for programs for veterans, education, medical research 
to find cures for diseases like Alzheimer's and cancer, taxpayers to 
help fund the national defense.
  A couple of weeks ago, I visited a senior center in my district and 
had some very special conversations. Folks told me about the days when 
there were lots of jobs in factory towns in western Pennsylvania, and 
one World War II veteran showed me his Bronze Star.
  These individuals are counting on us to allow an economy to grow that 
will create the taxpayers who can help pay for the critical programs 
that support them, that pay for their care.
  We have a moral obligation, Mr. Speaker, to restore healthy growth to 
this economy. Today, let us pass the Financial CHOICE Act. Let us move 
from overregulation to right-sized regulation. Let us unclog the flow 
of capital to small businesses. Let us unclog consumers' access to 
credit. Let us lower the cost of financial services for everyday 
consumers. Let us bring an end to the anti-growth policies of the last 
8 years and move into a much brighter, more prosperous future for 
everyone.

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