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Chairman Hensarling on President Obama’s proposed taxes:
“The president claims he doesn’t believe in trickle-down economics. Well, there is something called trickle-down taxation. So as he adds more taxes to banks, insurance companies, and investment managers, those taxes are going to trickle down to moms and pops who are trying to borrow money for a mortgage, for an auto loan, or small business loan. So that is the first point I would make.
“The second point I would make is the president claims this is all about ‘mitigation of risk;’ that he has to ensure that these particular financial institutions aren’t engaged in in unacceptable risk -- like he would know. My question is, what was Dodd-Frank all about? So is this a tacit admission that Dodd-Frank has failed?”
Chairman Hensarling on what’s needed instead:
“Most Americans don’t want to occupy Wall Street, they just want to quit bailing it out. And so the answer there is to end the Dodd-Frank taxpayer-funded bailouts system, to end this designation of ‘Too Big to Fail’ institutions, and improve our bankruptcy code to make sure these institutions can be resolved in bankruptcy.”
“But our big problem now is a regulatory burden that is crushing our community financial institutions and thus crushing their clients who are small businesses and entrepreneurs. It’s no surprise that under President Obama we have one of the lowest levels of entrepreneurship and small business startups in a generation.”
“That’s what House and Senate Republicans want to do, is lower the regulatory burden. And we know you have to grow the economy from Main Street up, not Washington down.”
Chairman Hensarling on President Obama’s rhetoric aimed at his liberal base:
“I’ll tell you what is fair is having equal opportunity to go out and have a meaningful career and provide financial security for your family. Again, this is all about not the politics of economy growth, it’s about income redistribution, it’s about the politics of division and envy.”
“As the president and his administration continues to vilify success, we have less success. Every time the president aims his rhetoric at Wall Street, his policies are hurting Main Street and hardworking taxpayers are becoming collateral damage.”
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