Hensarling: ‘Hyper-Regulated’ Obama Economy Hurting Consumers
Chairman Comments on President’s Meeting with Regulators
March 7, 2016 -
WASHINGTON -- Financial Services Committee Chairman Jeb Hensarling (R-TX) today issued the following statement about President Obama’s meeting with financial regulators to discuss implementation of more Washington regulations:
"Instead of huddling at the White House, Washington regulators should be meeting with small business owners and consumers on Main Street to hear how the hyper-regulated Obama economy is hurting them. Whether it's no more free checking, declined mortgage loans or mountains of red tape, Main Street is struggling because burdensome regulations are increasing consumers' costs and wiping out products and services they want and need.
“While enshrining ‘too big to fail’ into law, Dodd-Frank’s regulatory onslaught has, according to a recent report by the Federal Reserve Bank of Dallas, made many community financial institutions ‘too small to succeed’ and the playing field against big banks ‘more uneven.’ That’s the exact opposite of what President Obama and Democrats promised would happen with all these new regulations.
"Fortunately, all hope is not lost for struggling Main Street financial institutions and their customers. Last year, our committee successfully guided seven bipartisan bills into law to fix some of the problems caused by Dodd-Frank. In 2016, we’ll put forward bold ideas that promote more opportunities for low and moderate-income Americans, protect taxpayers from future Wall Street bailouts, and empower families and individuals to achieve financial independence."