Moody's cut credit ratings for 15 of the world's largest banks Thursday, sparking fears of a double-dip recession in the U.S. and around the world.
Five of the downgraded banks are American - JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of America and CitiGroup - and might have to pay more interest on their debt as a result of the downgrade.
Rep. Randy Forbes (R-VA), a proponent of less regulation and fewer taxes, tells Soledad O'Brien on CNN's "Starting Point" that "strangling regulations" are standing in the way of hiring.
"Ask the people who are actually making the hiring decisions why they aren't doing it," Rep. Forbes says. "They're telling us the same thing. 'We're not going to make investments if you have this huge healthcare bill that's strangling small businesses around the country. we're not going to do it when everyday single we're kicking business people in the teeth.'"
Forbes adds, "Until we get those guys back in the game investing those moneys, we're going to continue to have this cyclical kind of thing that we're seeing everyday."
Soledad also speaks with Rep. Forbes about the upcoming Presidential election, the Dream Act and President Obama's immmigration executive order. See more from the interview below.