Soon we will mark the fifth anniversary of the financial crisis that wrecked our economy, left millions of Americans unemployed and from which we have yet to recover. From a public policy perspective, the great tragedy of the financial crisis was not that Washington failed to prevent it, but that Washington helped lead us into it. The crisis largely started with a noble intention: Every American should own a home. The result was that well-meaning but misguided policies — principally the “Affordable Housing Goals” of Fannie Mae and Freddie Mac — either strong-armed or enticed financial institutions into loaning money to people to buy homes they sadly couldn’t afford. In fact, over 70 percent of the nontraditional mortgages that led to the crisis were backed by Fannie, Freddie and other taxpayer-subsidized programs.
WASHINGTON – Three years after the Dodd-Frank Act failed to address the need for housing finance reform and end the record taxpayer-funded bailout of Fannie Mae and Freddie Mac, the Financial Services Committee – under the leadership of Chairman Jeb Hensarling (R-TX) – today approved legislation to end their bailout and create a sustainable housing finance system for America.
The House Financial Services Committee disinvited Consumer Financial Protection Bureau chief Richard Cordray from testifying Tuesday, noting President Obama's non-recess, recess appointment of Mr. Cordray and a January D.C. Circuit Court of Appeals decision, Noel Canning v. NLRB, that invalidated other appointments made under the same pretense. In a letter to Mr. Cordray, Texas Republican Jeb Hensarling said his committee stands "ready to accept the testimony of the Director of the CFPB" when "an individual validly holds this position."
WASHINGTON – U.S. Congressman Jeb Hensarling (TX-05), chairman of the House Financial Services Committee, announced this week that the committee would not recognize President Obama’s unconstitutionally appointed czar:
WASHINGTON – Congressman Jeb Hensarling (R-Texas) – a leading conservative and chairman of the House Financial Services Committee – joined CNBC’s The Kudlow Report and FNC’s Hannity last night to discuss the Federal Reserve’s monetary policy and President Obama’s harmful sequestration.
WASHINGTON – Congressman Jeb Hensarling (R-TX) – a leading conservative and Chairman of the House Financial Services Committee – released the following statement regarding the U.S. Court of Appeals for the D.C. Circuit's ruling on President Obama’s alleged “recess” appointments:
There is no doubt that Hurricane Sandy rendered unspeakable damage to lives and property on our East Coast. It truly represents one of the great natural disasters of recent history. For millions of our fellow citizens, the devastation has been unfathomable. We are a compassionate nation, and that is why this week the House of Representatives is taking up its second Hurricane Sandy relief bill.
Congressman Jeb Hensarling (R-TX), chairman-elect of the House Financial Services Committee, issued the following statement today regarding the Federal Reserve’s announcement of additional monetary stimulus.
WASHINGTON – Congressman Jeb Hensarling (R-Texas) issued the following statement today after he was elected Chairman of the House Financial Services Committee for the 113th Congress.
Two years ago, I was one of 43 members of Congress appointed to the conference committee for the Dodd-Frank financial-reform bill. Along with others, I fought against the legislation and lost.After an all-night session, Democrats (who then held the House...