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WASHINGTON, D.C. – Congressman Robert Hurt (R-Virginia) released the following statement after a Financial Services Committee hearing with Federal Reserve Chair Janet Yellen entitled, “Monetary Policy and the State of the Economy”:

“I appreciate Chair Yellen’s testimony today on U.S. monetary policy and the state of our economy. With that in mind, I have serious concerns about these Federal Reserve policies that make life more difficult for hardworking Americans and disproportionately diminish the ability of Main Street banks to provide vital capital in our rural communities.

“I am particularly concerned by the Dodd-Frank Act’s negative impacts and costs for community banks, small businesses, and consumers. These regulatory impacts represent real costs and eliminate choices for consumers – both families and small businesses – on Main Streets from Chatham to Warrenton. At a time when our national debt exceeds $18 trillion, too many Fifth District Virginians remain out of work and others are struggling with stagnant wages. Ensuring that any policy coming out of Washington fosters dynamic economic growth is crucial to getting our economy back on track.

“I look forward to continuing to work with my colleagues on the Financial Services Committee to promote policies that will incentivize economic growth to provide jobs and opportunities to all Fifth District Virginians, and I thank Chair Yellen for her testimony before the Committee today.”

Click on the image below or click here for video of Congressman Hurt questioning Chair Yellen on the importance of community banks in Virginia’s Fifth District.