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By Congressman Robert Hurt
This past week the Department of Labor released a very disappointing jobs report for the month of June. Our national unemployment rate rose to an unacceptable 9.2 percent and only 18,000 jobs were created.
The report makes it abundantly clear that the economic uncertainty caused by out of control government spending, excessive regulation, and the continued threat of tax hikes on small businesses is stalling job growth in the 5th District and across the country.
Since the start of the new 112th Congress, the House has been committed to putting forth proposals that seek to remove Washington as a roadblock to job creation to help grow our economy and put people back to work.
Unfortunately, there are a significant number of jobs-related bills that have passed the House that the Senate has refused to consider. These measures are ones that aim to empower small business owners by reducing unnecessary regulations, encourage entrepreneurship, maximize domestic energy production, and pay down our unsustainable debt burden to restore economic certainty to the market place. You can learn more about these bills by visiting the Recent Legislation section on my website hurt.house.gov.
It is my hope that following the June unemployment report, Congressional Democrats and the White House will finally join with us in our efforts to put in place the kind of pro-growth, limited government policies that will help create the sustainable private sector jobs that Central and Southside Virginians, and all Americans, need and deserve.
Given the pressing need to get our economy back on track, I introduced a new piece of legislation, H.R. 2440, the Market Transparency and Taxpayer Protection Act.
By enhancing transparency, accountability, and oversight, this bill would reform the Government Sponsored Enterprises (GSE), Fannie Mae and Freddie Mac, and help put an end to their near-limitless bailouts in order to protect American taxpayers at a time when they need it most.
With more than $150 billion in taxpayer funds already spent propping up Fannie and Freddie and hundreds of billions more a possibility, it is critical that we begin the process of winding down these Government Sponsored Enterprises and increasing the role of the private sector in the secondary mortgage market to strengthen our housing finance system.
GSE reform affects taxpayers in the 5th District and across the nation, and as we seek to restore stability to the marketplace and grow our economy, I look forward to working with my colleagues on the Financial Services Committee as this bill moves through the legislative process.
If you need any additional information on these or any other issues, please visit my website at hurt.house.gov or call my Washington office: (202) 225-4711, Charlottesville office: (434) 973-9631, Danville office: (434) 791-2596, or Farmville office: (434) 395-0120.