Rep. Don Beyer Statement on H.R. 37

From Rep. Beyer’s office.

January 13, 2015 (Washington, D.C.) – U.S. Representative Don Beyer, Northern Virginia Democrat, released the following statement in support of H.R. 37 ahead of today’s vote in the House of Representatives:

“I am a committed supporter of financial reform and voted today for H.R. 37 because on balance, it contains positive economic reforms. Had I been a member of Congress when Dodd-Frank was proposed, I would have voted for it.  I am not, however, averse to modifications to Dodd-Frank that are made in a good faith effort to improve the legislation.

“H.R. 37 is a package of 11 bills, eight of which were previously passed by the House with 400 or more votes or passed the Financial Services Committee with near-unanimity and seven of which have nothing to do with Dodd-Frank.  Among the bill’s positive provisions is a reform that will help the emerging growth companies — which have been the engine of our 21st century economy — access capital and continue to grow.  I am listening closely to the criticism of the bill, and respect that perspective. However, I believe that the net impact of the legislation will be positive.  For example, the core provision of the Volker Rule, the ban on proprietary trading, is not impacted at all by the bill.

“The bill also addresses regulatory requirements which are not necessary to protect American consumers or our broader financial system. Regulation is not important for its own sake, and must be the result of a thoughtful, evolving process. Unnecessary regulations are not only a burden to business; they hamper regulators who are required to use their limited resources enforcing nonessential rules.

“I believe our nation needs financial reforms.   For example, I endorsed the financial transaction tax proposed Monday by Rep. Van Hollen.  I will continue to look for such opportunities.

“I have appreciated hearing from my constituents regarding my vote on H.R. 37 and look forward to continuing to do so as the debate over financial sector regulation moves forward in the 114th Congress.”