Bachus: Businesses could be buried by Dodd-Frank red tape

“We [Americans] do things our own way and it works,” he said at an event on small-business lending hosted by the Federal Deposit Insurance Corporation. “We need to remember that free markets, the capitalist system and individual initiative have made the U.S. economy the largest economy in the world.”

Now that Dodd-Frank is law, financial regulators are racing to write hundreds of new rules and conduct several new studies mandated by the law. But Bachus said the primary goal of any rulemaking should be “prudence and careful attention to unintended consequences.”

If the economy is going to recovery, the private sector must lead the way, and Washington should not be an obstacle, he added.

“Any robust job creation must come from the private sector. Our small businesses will be key to that recovery and Washington should do its best to set strong guidelines and let our small businesses flourish,” he said.

This post updated at 7:24 pm.