House Republicans want fewer regulations on financial services, more oversight of regulatory bodies

by Ryan Smith04 Mar 2016
The House Financial Services has released a mission statement for its “Task Force on Reducing Regulatory Burdens.” The statement outlines the task force’s goal to limit regulations on private financial services companies and increase accountability of government agencies.

According to a release by the Financial Services Committee, the goal of the task force is to promote regulatory reform in order to “empower Americans to achieve financial independence.”

“This is best achieved through more choices, not more regulations,” the statement read.

According to the statement, the task force hopes to “protect taxpayers from paying for more Wall Street bailouts” by forcing “failing banks and financial institutions to go through bankruptcy like any other company, rather than a government-run, taxpayer-subsidized ‘resolution.’”

The task force also wants Congress to demand accountability from financial regulators. It believes the government should “reduce the cost of unnecessary or duplicative regulations imposed by Washington bureaucrats so that Americans have greater access to affordable financial products and services.”

Republican leaders launched the development of the task force’s agenda in January. The agenda will also focus on questions of national security, job growth, health care, and “restoring constitutional authority.”


Should CFPB have more supervision over credit agencies?