Wednesday, May 24, 2017
President Trumps Budget Proposal Ends Dodd-Frank Act’s taxpayer-funded bailout scheme
the staff of the Ridgewood blog
Washington DC, House Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement on President Trump's Fiscal Year 2018 budget proposal:
“The higher taxes, spending and borrowing that were the pillars of Obamanomics brought us the weakest economic recovery in our lifetimes, stagnant paychecks and more new debt than nearly all other presidents combined. Left unchecked, our nation is driving at breakneck speed toward a spending-driven debt crisis that will leave us a nation of downsized dreams and fewer opportunities. We cannot continue to grow Washington’s budget at the expense of the family budget. For the first time in almost a decade, a President has proposed a budget that puts us on a path to fiscal sanity. This budget is a sober document, and I’m pleased President Trump’s proposal takes a long overdue look at redefining the proper role of the federal government while simultaneously investing in our military at a time of increasing threats to our safety domestically and abroad.
“I am also pleased his budget proposal seeks to repeal the Dodd-Frank Act’s taxpayer-funded bailout scheme and bring spending accountability to the unconstitutional CFPB. Ending Wall Street bailouts and making Washington regulators accountable are key parts of the Financial CHOICE Act. If we want strong economic growth and more freedom, we must empower Americans, not Washington bureaucrats. I wish the White House had gone further in reforms to our entitlement system which is going bankrupt and represents the true driver of our nation’s spending driven debt crisis. I look forward to working with the administration and my colleagues in Congress to end bank bailouts, grow our economy and restore fiscal accountability to Washington.”