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Cmte Financial Services (R)
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ICYMI: “The economy still isn’t working for millions of working Americans.”
Washington, Jan 12 -
WASHINGTON - Ahead of President Obama's last State of the Union Address, Congressman Jeb Hensarling (R-TX), Chairman of the House Financial Services Committee, spoke with Fox Business and Bloomberg News about his thoughts on creating more opportunity in the American economy. Click here for video highlights. “What we hear from the White House is that this is billed as some kind of victory lap for the President, if so, this ought to be the shortest State of the Union in history.” “We are engaged in the longest, slowest, tepid recovery in the postwar era. If this had followed the average of other recoveries, the average American family would almost have $11,000 more in income, and 12 million more people more people would be back to work. “The facts are these… since President Obama came to office, the average American family income is down, their take-home pay is down. The average American family has less savings. The average American family, when it comes to health care, under Obamacare, they are getting less and paying more.” “What we need to work on again, is maximum opportunity, and that means fundamental tax reform, it means regulatory reform, building an economy from Main Street up, not from Washington down.” “We are trying to get people out of poverty, trying to take people who are underemployed and make them fully employed.” “[T]he economy still isn’t working for millions of working Americans.” ###
Excerpts:
"Under Dodd-Frank, the big Wall Street banks are bigger and our mainstream banks are fewer….Dodd-Frank has not worked for working Americans, and so that’s why the House Financial Services Committee in this Congress will put forth legislation to help working Americans that will functionally repeal and replace Dodd-Frank...”