Wednesday, July 21, 2010

Frazier Slams Perlmutter, Obama on Burdensome Financial Regulations

Says more bureaucracy and regulation won’t fix problem

Wheat Ridge, CO – Ryan Frazier, a partner in a small business and candidate for the 7th Congressional District, criticized Rep. Ed Perlmutter (D-Golden) and President Barack Obama for their support of the burdensome, 2,300-page financial regulation bill. Rep. Perlmutter voted for the bill in June that was signed into law by President Obama today.
“Adding more taxpayer-funded bureaucrats to the payroll won’t fix our economic crisis,” Frazier said. “American businesses, of all sizes, need regulatory certainty to attract investors, pay their employees, and grow their enterprises.”

The new legislation places broad new powers in the hands of Washington regulators and puts blind faith in a new regulatory council tasked with monitoring threats to the American economy.

Perlmutter voted to bail out America’s largest banks, Fannie Mae, and Freddie Mac – while taking political donations from the financial sector – before voting to place onerous regulations on America’s financial industry that will cripple the economy. Fannie Mae and Freddie Mac have already cost American taxpayers $145 billion in bailout funds.

“The law Perlmutter voted for will put America at a competitive disadvantage in the world economy,” Frazier concluded. “Using taxpayer money to over regulate our economy will slow job creation and, ultimately, our economic recovery.”