Rep Cmte Financial Services

Chairman Hensarling Responds to State of the Union Address

Washington, Jan 28 -

U.S. Congressman Jeb Hensarling (R-TX), a leading conservative and chairman of the House Financial Services Committee, released the following statement in response to President Obama’s 2014 State of the Union Address:

“Tonight, the president talked of the many things that could be accomplished with bigger government through more regulations and spending. However, his solutions are just more of the same failed policies that have left Americans facing looming uncertainty, shrinking paychecks, rising costs, and greater dependency on the federal government. With the highest poverty rate in a generation, median household income having fallen each year that he has been in office and a record 47 million Americans on food stamps some Americans may just wonder what side of the War on Poverty the president is on.

“This is not right. This is not fair. And it’s not what hardworking, struggling families in the Fifth District of Texas are looking for. People like Joseph of Mabank, who explained ‘I am a disabled veteran and have been without work for over a year…all I want is to have a good-paying job, and let the rest happen as it comes,’ or Claudia of Mineola who shared with me that she was laid off for nine months before she finally found a job that paid her 25 percent less and added 60 miles to her daily commute. She said ‘I don't have the American taxpayers bailing me out or lending me money that I can't pay back.’

“Instead of perpetual bailouts, Americans want meaningful reform of our housing finance system. That is why the House Financial Services Committee passed the PATH Act to give Americans the sustainable housing finance system we need – sustainable for homeowners so they buy homes they can actually afford to keep, sustainable to taxpayers so they will never again have to bail out Washington’s failed housing programs, and sustainable for our economy so we avoid future cycles of boom, bust and bailout. If the president truly believes in the need to address housing finance reform, as he said in tonight’s speech, he has come to the right place.

“Instead of greater federal ‘investment’ in bigger government, House Republicans believe we need Washington to cut up the credit card and stop spending money we don’t have.

“Instead of forcing millions off of their current health care plan and onto government run plans that offer little more than broken websites and higher premiums, House Republicans believe we need a patient-centered health care system that will ensure all Americans have access to high-quality, affordable health care.

“Instead of an EPA that favors its politically-connected ‘green energy’ friends while declaring war on other forms of energy, House Republicans believe we need an all-of-the-above energy policy that ensures the energy revolution we are on the cusp of doesn’t become an unrealized energy dream.

“Instead of a president who threatens to circumvent Congress and enact his agenda through Executive Orders – which may violate the Constitution – House Republicans believe we must listen to people like Joseph and Claudia, and the millions of unemployed and underemployed Americans who want us to fight and win the War on Poverty, not by waging a war on jobs like the president has laid out, but by empowering all Americans to pursue their version of the American Dream in our free-enterprise system.”