ICYMI: Hensarling Talks Tax Reform, State of the CFPB on Bloomberg TV
WASHINGTON–U.S. Congressman Jeb Hensarling (TX-5), Chairman of the House Financial Services Committee, recently spoke about tax reform with Kevin Cirilli on Bloomberg TV.
Click here to view the video or on the photo below.
Uniting Behind Tax Reform: “Those of us in the House are not all that thrilled with the ‘tax trigger,’ I personally find it to be a uniquely bad idea and I think it is bad public policy. We need to be able to tell our businesses ‘this is your tax rate, this is something you can count on’.”
Recognizing History Versus the Future: “What we know is it’s not just economic theory, frankly it’s economic history. The difference between having an economy grow at 3 and 3.5 percent versus 1.5 to 2 percent, which has been the average under the eight years of Obamanomics, the bottom line is that we will be able to fill any deficit hole with additional revenues….the answer as a Republican is less spending, not more taxes.”
Calling Out the National Debt: “The most important thing we can do with respect to the national debt, and it is the greatest crisis that receives almost no attention in Washington, we need to reform current entitlement programs for future generations. That is a heavy political lift. The second most important thing we can do is grow this economy and bring in more revenue.”
Responding to Senator Warren: “Well one, I am glad that Senator Warren acknowledges that the CFPB was asleep at the wheel. And it is also curious that a former law professor doesn’t appear to know the law. The law is that the President gets to appoint the acting director. That is the position of the Justice Department and that’s even the position of the legal counsel at the CFPB. The one circuit that has opined on it, the 9th Circuit, which by the way, traditionally, is a very liberal circuit, they have also said the President can appoint an acting director. So number one, Senator Warren is on the wrong side of the law, and then also what we need is obviously a body that will enforce our consumer protection law, but not make it up.”
Addressing Controversy at the CFPB: “The CFPB tramples on our separation of powers, it tramples on our checks and balances, it tramples on due process. We had one unaccountable, unelected individual who essentially got to decide on our mortgages, our credit cards, and our checking accounts. No one person in a democracy should have that much power. And so there is a fight on who is going to lead the CFPB, but the more important fight is: how do we best protect our consumers, and it’s through an organization that enforces the law, doesn’t make up the law, and also protects competitive transparent innovative markets. That’s how we protect our consumers.”
Calling for the Financial CHOICE Act: “The bottom line is we’re still losing a community financial institution a day in America, that’s unacceptable, and we have too many regulations that are clogging up the arteries of capital flow, and so again, the fact that entrepreneurship and small business lending at banks are basically at a generational low…that’s got to change.”