Committee Members Visit White House for Signing of Legislation to Repeal Harmful Dodd-Frank Regulation
Washington,
February 14, 2017 -
Several members of the House Financial Services Committee attended the signing ceremony at the White House today for legislation (House Joint Resolution 41) repealing a controversial Dodd-Frank Act regulation that puts American public companies at a disadvantage against many foreign competitors. They released the following statements:
Chairman Jeb Hensarling (R-TX):
“The economic opportunities of millions of struggling Americans aren’t helped by top-down, political regulations that give foreign companies an advantage over American public companies, but that’s exactly what this Dodd-Frank regulation did. I applaud President Trump for signing into law a repeal of this overly burdensome regulation. Today we sent a message to Washington bureaucrats: go back to the drawing board and come up with a better rule that does not undercut America’s ability to compete and does not harm American jobs. Passing laws that promote a healthy economy with more jobs, higher wages and economic opportunities for all is our top priority. That’s the best thing we can do to help the millions of hardworking Americans who feel they’re working harder than ever but can’t seem to get ahead.”
Rep. Bill Huizenga (R-MI), the sponsor of the legislation and Chairman of the Capital Markets, Securities and Investments Subcommittee:
"In order to get our economy growing, we need to reset our nation’s arcane regulatory process. I am honored to have authored one of the first bills signed into law to do precisely that. H.J. Res. 41 removes a burdensome regulation that puts U.S. companies at a competitive disadvantage on the global stage. Additionally, this legislation instructs the SEC to go back to the drawing board and create a rule that doesn't negatively impact American job creators and American workers. I look forward to working with President Trump as well as my colleagues in the House and Senate to implement policies that build a stronger economy and provide hardworking Americans with a greater opportunity to achieve success."
Rep. Sean Duffy (R-WI), Chairman of the Housing and Insurance Subcommittee:
“President Obama’s burdensome Dodd-Frank financial rules have held our economy back since the bill was passed. That’s why it’s encouraging that we are able to partner with President Trump to stop a rule that could have cost companies over $590 million. I will continue to work with my colleagues in Congress and President Trump to help lift the burden of Washington regulations off of America’s workers, families, and businesses.”
Rep. Peter King (R-NY):
“This legislation will eliminate unnecessary burdens and allow the SEC to maintain the mission of protecting investors and encouraging economic growth.”
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