financialservices.house.gov

Cmte Financial Services (R)
Contact:


Hensarling Makes Case for Financial CHOICE Act
“Congratulations to my Democratic colleagues! Instead of ending ‘Too Big to Fail,’ you’ve created ‘too small to succeed!’”

Washington, Jun 23 -

WASHINGTON – House Financial Services Committee Chairman Jeb Hensarling (R-TX) on Thursday delivered the keynote address at the Heritage Foundation’s event, “The Case Against Dodd-Frank: How the ‘Consumer Protection’ Law Endangers Americans.”

During his remarks, Chairman Hensarling laid out the failures of Dodd-Frank, the broken promises made by Democrats about the law, and how Republicans have a better way that will provide economic growth for all and bank bailouts for none – The Financial CHOICE Act.

Below are excerpts from the Chairman’s remarks. A full video of his remarks is available here.

To learn more about the Financial CHOICE Act, visit republicans-financialservices.house.gov/choice.
Dodd-Frank’s “Rigged Economy”

“Many Democrats in this town seem to think they have the moral authority to cripple Main Street in order to occupy Wall Street.

“Well, the hardworking taxpayers of East Texas I represent aren’t interested in occupying Wall Street.  They just want to quit bailing it out! And those on the Left who rail against a ‘rigged economy need to look into the mirror because their so-called ‘solutions’ like Dodd-Frank are precisely what rigs the economy to favor the big, the powerful and the well-connected!”

“So to my friends in the other party – let me explain this to you:  No law that big with that much regulation is ever good for the little guy.  As the head of one of Wall Street’s largest banks admitted, Dodd-Frank gives them a competitive advantage – a regulatory ‘moat,’ if you will.

“Not only does Dodd-Frank cement their status as “Too Big to Fail,” its regulatory waterboarding of community banks and credit unions has created an uneven playing field that gives an undeniable, indisputable advantage to firms with the size and scale to absorb its incomprehensible and costly new mandates.

“So, congratulations to my Democratic colleagues! Instead of ending “Too Big to Fail,” you’ve created “too small to succeed!”
Economic Growth for All, Bank Bailouts for None

“Ladies and gentlemen, it’s time to make free enterprise legal again in America.  It’s time for a new paradigm in banking, capital markets and financial opportunity.  It’s time to offer all Americans opportunities to raise their standards of living and achieve financial independence.  It’s time to resuscitate the American Dream.

“In a phrase, we need economic growth for all and bank bailouts for none.  This is the foundation of the alternative Republicans will offer the American people.”