When the House takes up legislation this week to ease higher flood insurance premiums for homeowners, the action will come over the fierce objection of the committee chairman with jurisdiction on the issue. Determined to protect politically vulnerable lawmakers during this election year, House GOP leaders have sidelined Financial Services Chairman Jeb Hensarling and his staunchly conservative views.
WASHINGTON – Financial Services Committee Chairman Jeb Hensarling (R-TX) delivered the following statement at today’s hearing on how the Dodd-Frank Act’s Volcker Rule will impact job creators: As a nation we just marked the 50th anniversary of the War on Poverty; tragically, a failure on more than one level. To win, we need more jobs, which means we need less Volcker. In two weeks the President of the United States will deliver his sixth State of the Union Address. Early in his term, he received from a Democratic Congress every single major policy initiative he asked for: the stimulus, Obamacare, and Dodd-Frank from which the Volcker Rule arises – he got it all.
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.