Just one day after the Financial Services Committee held its second hearing in as many weeks on the shaky finances of the Federal Housing Administration (FHA), the Government Accountability Office (GAO) announced it has added the FHA to its list of “High Risk” government programs. Every two years, GAO identifies programs that are at “high risk due to their greater vulnerability to fraud, waste, abuse and mismanagement or the need for transformation” to become more effective or efficient. Chairman Hensarling quickly put out a statement saying the designation “reinforces everything our committee... Read More »
The bipartisan JOBS Act, which originated in the Financial Services Committee and was passed by Congress earlier this year, is working to boost the economy. A report in the Charlotte Observer notes that provisions of the act are helping community banks to trim regulatory costs and save money – money that can be pumped back into local economies, start small businesses and create jobs. At a time when the over-regulation and red tape of the Dodd-Frank Act is driving up their expenses, community banks are getting some much needed relief thanks to the JOBS Act. Read the Charlotte Observer report be... Read More »
Some Washington politicians and supposed media “fact checkers” have been falling over themselves the last few days busily defending the Dodd-Frank Act. But rather than rely on what the politicians and Beltway pundits think, Republicans on the House Financial Services Committee actually did something quite remarkable by Washington standards: we asked small town community bankers, financial institutions and small business operators what THEY think about the Dodd-Frank Act. After all, they are the ones who have to live under Dodd-Frank’s more than 400 new regulations. Since Republicans assumed t... Read More »
By Rep. Blaine Luetkemeyer I was more than a little annoyed recently during a committee hearing with a government official who seemed intent on defending an agency created by the troubling Dodd-Frank Act that is more interested in navel gazing than helping our nation’s small businesses. During the hearing, a leading deputy at the Consumer Financial Protection Bureau (CFBP), created by Dodd-Frank, was unable to justify exactly what this so-called consumer protection agency has actually achieved on behalf of consumers. After two years, the official provided me with vague answers as to the group’... Read More »
By Rep. Robert Hurt At a time when uncertainty from Washington has led us to nearly three-and-a-half years of more than 8 percent unemployment nationally, folks in Washington, D.C., are still calling for higher taxes and a bigger federal government that will only lead to more uncertainty. Just this past week, I traveled along Route 40, stopping in Kenbridge, Victoria, Keysville, Charlotte Court House, Phenix, Brookneal, Gretna, Penhook and Rocky Mount. Having met with local business owners, local officials and families along the way, I can tell you that the private sector is not doing fine in ... Read More »
One of the most significant accomplishments of the Financial Services Committee during the 112th Congress is passage of the JOBS Act. The Jumpstart Our Business Startups Act (JOBS Act) removes government barriers to job creation and economic activity. The JOBS Act, comprised of six bills that originated in and were originally approved by the Committee, is designed to help startups and entrepreneurs get off the ground, access capital and create jobs. These initiatives all received strong bipartisan support in Congress and from the President’s Jobs Council and the business community. The JOBS Ac... Read More »
Rep. Barney Frank, Ranking Member of the Financial Services Committee, on Thursday responded to criticism that regulators have completed “less than half” of the 400 new regulations in the Dodd-Frank Act by blaming House Republicans for cutting the budgets of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). “It is true that when the Republicans took over the House, they cut the funding for two of the most important agencies that got new responsibilities.” -- Rep. Frank, CNBC’s “Closing Bell” July 26, 2012 Here are the facts about funding: SEC FUN... Read More »
Sen. Kaufman: From “Aye” on Dodd-Frank to “Will Not Protect Us” in Just 2 Years For someone who voted for the Dodd-Frank Act, former Senator Ted Kaufman (D-Del.) sure doesn’t have many nice things to say about the massive 2,300-page law. Marking the two-year anniversary of President Obama’s signing of the Dodd-Frank Act, Senator Kaufman used a guest column in The Hill to level strong criticisms against the law. As to whether Dodd-Frank ended “too big to fail” (a claim made repeatedly by many supporters of the law), Senator Kaufman is direct in his assessment: Absolutely not. He writes: “So are... Read More »
With this month marking the second anniversary of passage of the Dodd-Frank Act, the Financial Services Committee is focusing attention throughout July on the burdens this law’s 2,300 pages and more than 400 new rules layer on American companies, financial markets and consumers. Supporters of Dodd-Frank sold it to the public as “tough Wall Street reform,” but in reality its red tape hurts businesses and small town banks far from Wall Street that had nothing to do with the 2008 financial crisis. Small town banks like Gothenburg State Bank in Gothenburg, Nebraska. This bank is 1,362 miles from W... Read More »
The JOBS Act, passed by Congress and signed by the President earlier this year, reduces government barriers to entrepreneurship, innovation and capital formation. It combines six separate proposals that originated in the Financial Services Committee into one bill. These six proposals were part of the Committee’s plan announced in January 2011 to help small companies gain greater access to the capital that is necessary for them to grow and hire workers. One of those six proposals, the Small Company Capital Formation Act sponsored by Rep. David Schweikert, makes it easier for small companies to ... Read More »
