By: Jeb Hensarling Wall Street Journal February 9, 2017 The Obama presidency placed no greater burden on America’s growth potential than the avalanche of regulations that smother the U.S. economic system. The most destructive and dangerous of the new regulatory bureaucracies created by the Democrat-dominated 111th Congress is the Consumer Financial Protection Bureau. The CFPB stands with ObamaCare as a crowning “achievement” of Mr. Obama’s transformation of America. With unprecedented automatic funding provided directly by the Federal Reserve, the agency is unanswerable to anyone. Democrats ch... Read More »
‘Overregulation has caused costs to go through the roof, many banks have been shut down and that has hit small businesses’ ‘We can’t afford to keep going the way we’re going’ By Joyce M. Rosenberg Associated Press Feb. 8, 2017 Small community banks say Dodd-Frank regulations too much of a burden. NEW YORK — Community banks that can be vital to many small businesses are hopeful about changes that the Trump administration and Congress have promised to legislation passed after the financial crisis that tightened supervision of Wall Street and the banking industry. The number of small, local banks... Read More »
Financial Services Committee Chairman Jeb Hensarling (R-TX) Remarks to the Exchequer Club, Nov. 16, 2016 *As Prepared for Delivery Good afternoon, everyone. I’m Jeb Hensarling – and I approve this message. No, I think we’ve all had enough of that to last us for a while. Our long national nightmare is finally over: the 2016 campaign. Don’t worry; it will be at least a couple of weeks before the next campaign season really picks back up again. Just for fun, the other day I googled “2020 presidential election.” It lists 49 potential candidates. So get ready, America! We’ve only got about 1,155 d... Read More »
$400 million in cash stacked on wooden pallets carried in secret by an unmarked cargo plane on the same day four American prisoners were released from Iran. That’s what Chairman Sean Duffy and the Financial Services Oversight Subcommittee will be examining this Thursday, along with the impact of such a payment on terrorism financing. Watch and share this video and be sure to tune in on Thursday morning at 10 a.m. ### Read More »
Just last week the White House was claiming that the crushing regulatory burden of the Dodd-Frank Act wasn’t harming community banks – not one bit. Community bankers, credit union leaders and small business owners told us that’s absolutely not true. Today’s report from Bloomberg (Headline: Bank Mergers Heading for Seven-Year High, Pushed by Costly Rules) once again exposes how feeble the White House’s spin is: Here’s an irony: U.S. regulators looking to avoid bailouts of too-big-to-fail banks have passed so many rules that regional and local lenders are combining to stomach the costs. The res... Read More »
Like Captain Renault, Americans are shocked – SHOCKED – that a report by the White House says a law supported by the White House doesn’t hurt community banks, no matter what. Well, over the last few years Republicans on the House Financial Services Committee have asked community bankers, credit union leaders, and small business operators what THEY think about the Dodd-Frank Act. After all, as our nation loses one community financial institution each day, they are the ones who have to somehow comply with Dodd-Frank’s crushing regulatory burden. Here are some of their voices: “Community banks a... Read More »
Financial Services Committee Chairman Jeb Hensarling just rolled out the Financial CHOICE Act, a plan to replace the failed Dodd-Frank Act and grow the economy for all Americans. And, like clockwork, left wing Democrats found the nearest possible microphone to trot out stale talking points about “Wall Street” and criticize the plan before they even knew what was in it. Just like President Obama, we’re in “myth-busting” mode. Here are some of their fact-free whoppers – and reality. ------------------------------------- Claim: Senator Elizabeth Warren claimed the Financial CHOICE Act is nothing... Read More »
You’d be hard-pressed to find a consumer willing to pay more and wait longer only to receive a worse result. But that is what’s passing for consumer protection these days in the eyes of the CFPB and its new proposal to outlaw arbitration. For the non-lawyers in the room, arbitration is a form of dispute resolution where parties agree to settle a claim with the help of an independent mediator, rather than hiring a lawyer, joining a class action lawsuit and waiting – sometimes for years – before our overcrowded court system can hear their case. But the CFPB is trying to prohibit this more cost ... Read More »
1. The Administration just published a rule to “protect consumers” which sounds great at first… 2. But then we realized that it’s 1,000 pages long. 1-0-0-0 pages… 3. And it doesn’t actually protect consumers at all. 4. The truth is this rule limits consumers’ choices and will make financial advice more expensive and less available – which is just wrong. 5. American consumers are already hurting and Washington bureaucrats shouldn't make it harder and more expensive for them to plan for retirement, send a child to college or open up their own small business. 6. And when the Administration’s own... Read More »
