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Mr. YODER. Mr. Speaker, I rise today to discuss yet another negative impact the Dodd-Frank Act is having on the U.S. economy and job growth.
As agencies here in the United States are scrambling to meet the unrealistic deadlines proposed by this act, and as community banks struggle under a mountain of new regulations that strangle our economic recovery, we have also done great damage to the competitiveness of the United States in the international financial marketplace.
Other nations have yet to even consider the stringent regulations similar to the ones proposed in Dodd-Frank. Most important are the new proposed regulations that will require over-the-counter derivatives to be traded and cleared on exchanges.
G-20 nations have stated a goal for the end of 2012 as the implementation date of any global derivative reforms. Our earlier upcoming deadline of July 16, 2011, for U.S. implementation of the derivatives reforms, puts the U.S. financial market at a significant global disadvantage and will further disrupt our economic recovery and job growth.
Let's repeal these damaging economic provisions and let's get America back to work again.
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