We must address the true causes of the economic crisis

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By Congressma Robert Hurt

Five years ago, the American economy suffered a financial crisis that spurred the worst economic downturn since the Great Depression.  We continue to feel the effects of the devastating meltdown today.

The financial crisis wreaked havoc on the marketplace and devastated families’ assets – from their home values to their retirement portfolios.  In 2010, as a response, Congress enacted the Dodd-Frank law, which was meant to end "Too Big to Fail” and address other problems that led to the financial crisis.  Unfortunately, it imposed stifling and unnecessary regulations that served to further hamper our economic recovery.

Rather than serve as a remedy to the financial crisis, Dodd-Frank has actually done the complete opposite.  By feeding more power to the federal government, it has kept the private sector from flourishing, thereby hindering the growth of our fragile economy.

Five years after the collapse, it is imperative that Congress does all within its power to ensure that this never happens again.  The misguided policies of this Administration have led us further into economic decline, and the American people are desperate for new direction and financial growth.

As a member of the House Financial Services Committee, I have worked closely with my colleagues to advance pro-growth policies that will turn this stalled economic recovery around and get our fiscal house in order.  Most recently, we passed the Protecting American Taxpayers and Homeowners (PATH) Act, which removes the barriers to private investment and creates a sustainable private secondary mortgage market.

Our national unemployment rate is hovering at 7.6%, and there are parts of the Fifth District that are still experiencing unemployment in the double digits.  It could not be more clear that we are desperate for job creation, and the red tape being imposed under this Administration is hurting Americans and small businesses.

We in the House have made it our top priority to cut the government red tape, bureaucracy, and burdensome regulations that are holding our economy back.  We have passed legislation to free our small businesses from the stifling regulations that are keeping them from infusing much-needed jobs into our fragile economy.  It is time for our colleagues in the Senate and the White House to join us in this crucial effort.

I know that we are able to recover from this devastating financial crisis that has caused so much pain to the American people.  I look forward to continuing to work with my colleagues to advance principles and policies that will get America back to work and get our fiscal house in order.

If you need any additional information, 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.