Scott Garrett Eliminating Unnecessary Regulations Important to Job Creation

WASHINGTON, January 26, 2011 - Rep. Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, delivered the following opening statement today during a House Financial Services Committee hearing entitled, “Promoting Economic Recovery and Job Creation: The Road Forward”: “We’ve focused a lot on potential ‘systemic risks’ to our economy over the last couple years, but as I said throughout the debate on financial regulatory reform, the most obvious and critical systemic risk facing our economy is the massive national debt that hangs over the heads of the next several generations of Americans.

“Addressing that risk, by reducing the size and scope of the federal government, is job number one that Americans sent us to do here in Washington in the 112th Congress. And one of the primary benefits of doing so, of course, will be the benefits related to promoting economic recovery.

“Beyond addressing the budget and spending crisis facing our country, those of us here on this Committee also have an opportunity to review and remove, as the President recently called for, ‘outdated regulations that stifle job creation and make our economy less effective.’

“While the President intends to exempt new regulations called for under Dodd-Frank as well as those from independent agencies, at least one of those agencies, the SEC under the leadership of Mary Schapiro, intends to proceed as if they are subject to the President’s Order. I look forward to working with her and others to eliminate unnecessary regulations of all varieties to help incent job creation and get our economy back on track.” ###

TEXT CREDIT: U.S. Congressman Scott Garrett 2244 Rayburn House Office Building Washington, DC 20515 (202) 225-4465 fax: (202) 225-9048

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