Drug issues and over-regulation of financial sector must be addressed, Rep. Andy Barr says

UPDATED WITH VIDEO: As the country’s struggle with drugs continues to grow and over-regulation of the financial market hinders business, Kentucky Congressman Andy Barr says he is working to get a Kentucky influence on solutions for these issues.

While speaking at the Kentucky Chamber’s inaugural Congressional Forum Monday, Barr detailed his efforts to address drug issues in the country, explaining that there has been work by many in his Congressional district to help craft legislation to tackle the drug epidemic.

Barr said he is working on drug-related task forces and stated that while he realized Congress cannot solve these issues alone, it does have a role to play and he is proud that Kentucky’s voice is being heard in that fight.

Barr, who has made a name for himself working on financial issues in Congress, also discussed the problems  he feels have come as a result of the Dodd-Frank Regulatory reforms.

“Too big to fail,” Barr said, is a bigger issue than ever now as there is more consolidation and more red tape resulting from the 400 regulations that came out of Dodd-Frank legislation.

Many community banks have said the regulations have been preventing them from doing business, according to Barr.

In an effort to address this, Barr discussed the Financial Choice Act which has been introduced and is strongly supported by the Kentucky congressman.

Barr stated that the Financial Choice Act will produce financial stability without hindering economic growth and without bailouts by giving banks an off ramp from the regulations if they meet certain criteria.

Another issue Barr said he would like to see addressed is the poverty seen in the country, stating that the government has spent trillions of dollars trying to make poverty more tolerable but has done nothing to really address the issue.

Barr said the best way to escape poverty is a full time job. Therefore, he said, the government should be focusing on incentivizing work.

Watch Barr’s remarks in the video below:

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Jacqueline Pitts
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