Rep. Bill Flores (R-Texas) expressed support on Thursday for H.R. 4078, a measure that seeks to freeze implementation of the 2010 Dodd-Frank Act until the unemployment rate reaches or falls under six percent.
Flores criticized the Dodd-Frank Act, saying that the legislation is costly and overly burdensome.
“The federal government has issued over 41,000 pages of new Rules & Regulations so far this year,” Flores said, according to Texas Insider. “Of these, 167 are deemed ‘economically significant,’ meaning each of them will cost the American economy $100 million or more during each year. The Obama administration has classified over 3,100 regulations as either ‘active’ or ‘long-term’ actions. Cumulatively, the cost of all the Washington red tape is $1.75 trillion, in other words, over 10% of our current gross domestic product.”
The House passed the measure in a vote of 245-172.
Supporters of the measure, sponsored by Rep. Tim Griffin (R-Ark.), maintain that the measure will provide relief to small businesses.
“With today’s passage of the Red Tape Reduction and Small Business Job Creation Act, we can bring an end to excessive and overly burdensome regulations,” Flores said, Texas Insider reports. “I stand committed to providing small businesses the certainty they need to grow in this fragile economy.”