Rep. Robert Aderholt (R-Ala.) and Jay Reed, the president of the Associated Builders and Contractors of Alabama, recently said that Dodd-Frank is hurting job creation and creating uncertainty for the financial industry.
“With passage of the Dodd-Frank law, the banking and financial services industries face uncertainty that has locked credit markets and access to capital,” Aderholt and Reed said, according to TheNicheReport. “Many companies have viable, low-risk projects or contracts that simply need funding in order to begin work. However, overregulation in the banking sector has made qualified businesses with a great borrowing track record a risk banks aren’t willing to take.”
Aderholt and Reed said that the economic crisis has hurt “nearly every sector and industry” in the U.S.
“Today’s economic storm continues to rain down on job creators,” Aderholt and Reed said, according to TheNicheReport. “While these small businesses are eager to help America’s economy grow jobs and once again prosper, another storm front is moving in and there is no relief in sight, which means there are no new jobs in sight for an industry that has lost more than 1.9 million jobs in just four years.”
Additionally, Aderholt and Reed criticized the Obama administration’s position on raising taxes.
“Further, the president recently announced his proposal to raise taxes on many of America’s job creators,” Aderholt and Reed said, according to TheNicheReport. “According to the nonpartisan Congressional Budget Office, failure to extend current income tax rates will increase taxes on small businesses and hard-working Americans by $4.6 trillion over 10 years…We must extend the current tax rates for all families and job creators to stabilize and grow our economy, while ultimately seeking comprehensive reform to simplify our nation’s tax code. Until we do, small businesses will continue blowing in the wind and the storm will rage on.”