Rep. Jeb Hensarling (R-Texas) delivered the remarks today during a committee hearing on the Financial CHOICE Act, the Republican alternative he wants to replace Dodd-Frank.
“Regrettably, we remain stuck in the slowest and weakest economic recovery since at least World War II,” Hensarling said. “The economy simply isn’t working for tens of millions of working Americans who cannot get ahead and fear for the future of their families.”
Hensarling laid the blame for the slowness of the recovery squarely at the feet of Dodd-Frank, a controversial act that House Republicans say stifles business and limits consumer choice.
“Why is this happening? One of the principal reasons is the Dodd-Frank Act, a grave mistake Washington foisted upon the American people nearly 6 years ago,” he said. “Simply put, Dodd-Frank has hurt the economy, hurt consumers, codified bank bailouts, and made our financial system less stable.”
The Financial CHOICE Act, Hensarling said, would replace Dodd-Frank with legislation that would loosen excessive regulations and end taxpayer bailouts.
“Seven-plus years of Obamanomics and six years of Dodd-Frank have delivered nothing to the American people but stagnant paychecks and diminished savings,” he said. “Freeing well-capitalized, well-managed financial firms from the chokehold of an overly intrusive, heavily politicized regulatory regime will help create a healthier economy for all struggling Americans.”
The Chairman of the House Financial Services Committee called the Dodd-Frank Act “one of the principal reasons” for the slowness of the US economic recovery in the wake of the financial meltdown.