Patrick McHenryChairman

Washington, October 6, 2014 - Financial Services Committee Chairman Jeb Hensarling (R-TX) today issued the following statement about President Obama’s meeting with financial regulators to discuss implementation of Dodd-Frank Act regulations:

“Dodd-Frank is every bit as far-reaching in its harmful consequences for struggling Americans as Obamacare.  Thanks to Dodd-Frank, it is harder for low and moderate income Americans to buy a home and there are fewer community banks serving the needs of families and small businesses.  Thanks to Dodd-Frank, farmers face higher costs in managing their risks, which leads to higher prices for every American trying to put food on the table.  Services that bank customers once took for granted like free checking are being eliminated due to the high costs of Dodd-Frank’s regulatory burden.  Another White House meeting between President Obama and an army of Washington regulators won’t do anything to help stressed families.  Instead, the President should get on the phone with Harry Reid and urge him to bring up the dozens of bipartisan jobs and regulatory relief bills passed by the House.”

During the 113th Congress, the House has passed 23 bipartisan, pro-jobs bills that originated in the House Financial Services Committee.