President Trumps Budget Proposal Ends Dodd-Frank Act’s taxpayer-funded bailout scheme

May 24,2017
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.”

House Financial Services Committee Chair Issues Warning on SEC refusal to stop “midnight regulations”

December 14,2016
the staff of the Ridgewood blog

Ridgewood NJ, House Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement concerning SEC Chair Mary Jo White’s refusal to stop “midnight regulations” in the waning days of the Obama Administration:

“The press is characterizing Chair White’s decision to try to rush through a mountain of midnight regulations as ‘defying Republicans,’ but in reality she’s defying the will of the American people and good government. Such midnight rulemaking is neither conducive to sound policy nor consistent with the principles of democratic accountability. The American people chose a new direction for our country, and the incoming Trump Administration and Congress should have the opportunity to review pending regulations and fully assess their costs and benefits. As the clock runs down on the Obama Administration, Chair White and all other regulators who may be tempted to hastily impose another pile of complicated regulations on our economy should know that Congress will scrutinize their actions and – if appropriate – overturn them.”

Mary Jo White has already announced plans to step down as chair of the powerful Securities and Exchange Commission before President-elect Donald Trump takes office.White’s term at the helm of the SEC hadn’t been scheduled to expire until June 2019.