Patrick McHenryChairman

Washington, August 19, 2013 - Financial Services Committee Chairman Jeb Hensarling (R-TX) today issued the following statement about President Obama’s meeting with financial regulators to discuss the implementation of the Dodd-Frank Act:

“Much like Obamacare, Dodd-Frank is an incomprehensibly complex piece of legislation that is harmful to our floundering economy and in dire need of repeal. Its regulations generally fall into two categories: those that create economic uncertainty and those that create certain economic harm. The great tragedy and irony of the financial crisis was not that Washington regulators failed to prevent it, but instead that Washington regulations helped lead us into it. With Dodd-Frank, our economy now has 400 more Washington regulations to contend with. A meeting between the president and an army of regulators will not strengthen America’s economy. What’s needed to give Americans the healthier economy they deserve is greater personal financial opportunity, prudent capital and liquidity standards, greater transparency and market discipline.”