Commissioner Giancarlo also addressed issues such as the slow economic recovery from the last recession, noting that “the plethora of federal regulations is a major drag on the U.S. economy. Regulations now cost the U.S. more than 12 percent of GDP, or $2 trillion annually.” Reviewing the shortcomings of the Dodd-Frank Act, he observed that the route to genuine reform “lies in economic freedom and opportunity: the same combination of ingredients that invariably leads to more prosperity – even for the poor – than does centralized political planning.”
He called for all Americans to “reject the false promise of government provided safety, security and a riskless future and, instead, hold fast to personal liberty, free markets and the fruits of their own hard work and ingenuity.”
You can view his full remarks here. They are also available as a podcast.
