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Gregg: Economists Overwhelmingly Agree That Dodd-Frank Financial Regulatory Reform Bill Will Decrease Availability Of Credit For Consumers

Press Release

Date: July 7, 2010
Location: Washington, DC

U.S. Senator Judd Gregg (R-NH), a member of the Senate Banking Committee, today issued the following statement regarding the July Blue Chip Economic Indicators report citing that 92.7% of the economists surveyed by Blue Chip believe the financial regulatory reform legislation working its way through Congress will decrease the availability of credit to the economy. Only 7.3% said the legislation would increase credit availability.

Senator Gregg stated, "A recent Blue Chip report confirms the negative economic effects of the Democrats' financial regulatory reform legislation. More than 90% of the experts surveyed believe that this legislation will decrease credit availability in our economy. Ultimately, small businesses and working families will be hit the hardest when they lose access to affordable credit, thereby slowing economic growth and job creation across the country.

"Our goal should be to enact regulatory reform legislation that addresses the core issues of the financial crisis and reduces systemic risk, while also maintaining America's unique competitive advantage as the premier destination for capital formation and job creation. The Democrats' bill, which the House of Representatives passed last week, unfortunately falls short on all of these objectives. During a time of economic recovery, this legislation threatens to drag our economy back into a recession and fails to provide the necessary reforms that will bring confidence and stability to our financial sector."