Senate Republicans have introduced their alternative jobs bill that includes repealing the Dodd-Frank Act, which they say could save the U.S. economy 4.6 million jobs by 2015.
Sens. John McCain (R-Ariz.), Rand Paul (R-Kent.) and Rob Portman (R-Ohio), along with other Republican Senators, introduced the Jobs Through Growth Act, which reforms the tax code, cuts spending and eases financial regulations enough to create an environment that will foster private sector growth.
“The president’s jobs plan was voted down this week by members of both parties,” Paul said. “We simply cannot look to the failed policies of the last two years for an example of how to grow our economy and create jobs. More government spending and excessive regulation are the problem not the solution. We have spent too long increasing the tax and regulatory burdens on job creators, instead of allowing them to operate more freely and create more jobs.”
A provision in the legislative package includes a bill by Sen. Jim DeMint (R-S.C.) that will lift the burden of the Dodd-Frank law that was placed on community banks and has prevented them from financing small businesses.
Republicans said that repealing Dodd-Frank will significantly reduce financing costs for consumers and businesses as well as reduce costs to manufacturers for hedging their risks in the financial market.
“We Republicans understand that it’s a growing, dynamic private sector that creates quality jobs for the long term and real prosperity in America, not government spending,” McCain said.