U.S. Rep. Blaine Luetkemeyer (MO-03) issued the following release upon conclusion of the Financial Institution and Consumer Credit Subcommittee hearing entitled “The State of Bank Lending in America.”

“Recently, Federal Reserve Chair Janet Yellen painted a rosy picture of economic recovery and widespread credit availability across America,” Luetkemeyer said. “Her picture doesn’t reflect the reality for millions of American consumers and small businesses. She failed to mention that, while some small businesses and consumers are optimistic about the future, they are still sitting on the credit sidelines. The purpose of today’s hearing was to scratch beneath the surface to examine what is really happening to our economy and how it’s impacting American consumers and small businesses as a result of consumers losing access to the financial services they need. We learned today that the driving factors behind this and the slow growth of small businesses are, in many cases, federal regulations that are the legacy of Dodd-Frank and the Obama Administration. Today’s hearing is the first of many to come. We must continue to examine the impact that federal regulations have on Main Street and steps we can take to help spur small business growth and economic freedom for American consumers.”