Rep Cmte Financial Services
ICYMI: Hensarling on Sunday Morning Futures
Washington, May 1 -
Financial Services Committee Chairman Jeb Hensarling (R-TX) joined Maria Bartiromo on Fox News to discuss the Republican plan to end bailouts and create economic opportunity for all Americans.
On the Dodd-Frank mistake:
"They promised us it would lift the economy, instead we're mired in the slowest, weakest recovery in the post-war era. They said it would end "too big to fail," but instead it codified into law, to where the government designates "too big to fail" firms and then puts a taxpayer bailout behind it. They said it would stabilize our financial system, but instead under Dodd-Frank the big banks are bigger and the small banks are fewer. They said it would help the consumer, but instead, since Dodd-Frank we've seen free checking cut in half, bank fees go up, the ranks of the unbanked have increased and many working people find it far more difficult and expensive to get a mortgage. So the bottom line is Dodd-Frank has failed."
On the Republican Financial CHOICE Act:
"We want economic growth for all. We want bank bailouts for none. [The Financial CHOICE Act] is somewhat analogous with a privately-financed insurance policy against failure. We would replace complexity with simplicity. We would replace bailouts with bankruptcy. We would replace federal micro-management with market discipline. In a phrase, we would let freedom ring, but only if you have a very strong balance sheet to prevent the taxpayers from having to bail you out."
On the next steps:
"Many believe that this is the way to go. It's capital in place of federal control. Our committee will markup this legislation next week and I look forward to bringing it to the entire House of Representatives soon."