Gingrich Campaign Press Release - Gingrich: Obama's 'Bureaucratic Socialism' is Driving Down the Economy

Newt spoke to a group of community leaders in Cedar Rapids about issues such as repealing Dodd-Frank, U.S. energy production, and the environment.

By Jason Clayworth

Cedar Rapids, Ia. – The United States should repeal regulations like Wall Street reforms approved in 2010, Newt Gingrich said here today.

Some of the reforms originated as a way to protect the economy from what some say are unethical banking practices that contributed to a national economic downturn.

But Gingrich said the act restricts business and amounts to unnecessary government regulation.

"You have a left-wing radical who wants to raise taxes," Gingrich said while referencing President Obama. "He's creating bureaucratic socialism," he said to a group of around 50 people at a lunch hosted by the Linn Eagles, a group of community leaders in the Cedar Rapids area.

Gingrich, a former U.S. House Speaker and 2012 Republican presidential candidate, specifically made note of what is known as the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The act is designed to add safeguards to the derivatives market and squash lending practices that have been attributed to the national economic downturn that began prior to Obama taking office.

The New York Times reported last month that roughly 100 different rule-writing deadlines for the year-old act have been missed. Roughly 80 percent of the rules are unfinished, the article indicated.

Rep. Barney Frank, D-Massachusetts, accused Republicans of trying to stall progress on the bill for political reasons, according the New York Times.

Gingrich said the act "is an overwhelming requirement for local small banks, unfairly inhibiting growth of small firms and driving down the price of housing."

The crowd applauded loudly when he advocated the act be repealed.

Gingrich additionally touched on a few issues he has previously noted, including expanding U.S. energy production and replacing the Environmental Protection Agency with one that would focus on innovation and job creation.

Gingrich will attend a lawn party hosted by former Iowa Rep. Greg Ganske in Des Moines tonight and will tour Pioneer Hi-Bred in Johnston tomorrow.