WASHINGTON–U.S. Congressman Jeb Hensarling (TX-5) released the following statement after the House voted for additional disaster relief this afternoon:
“Four years ago when NFIP received a $9.7 billion taxpayer bailout, I supported it. I also resolved not to vote for another unless and until the program was made sustainable. I said without reforms we would be faced with even more bailouts. Numerous reforms have been offered, but none enacted. So here we are today, faced with a $16 billion taxpayer bailout. Clearly, this program is unsustainable.
“Naturally, there are times of crisis and great need such as the ones brought on by the recent hurricanes. That’s why I fully supported the $7.85 billion in disaster relief that the House passed on September 6th. NFIP policy holders must have their claims paid and hurricane victims need further assistance and I am prepared to support it. However, I cannot in good conscience support legislation that simply gives a $16 billion bailout to the National Flood Insurance Program without changes to the program or offsets.
“I am greatly disappointed that the NFIP bailout would come before the House with NO reforms - especially since the Trump Administration demanded them as part of this supplemental legislation. Without necessary reforms, the NFIP will continue to be a protected government monopoly and need more bailouts which will add to our nation’s unsustainable $20 trillion debt. But more importantly, it will continue to subsidize and encourage people to live in harm’s way – putting their lives and property at risk. This is unacceptable.”
WASHINGTON–U.S. Congressman Jeb Hensarling (TX-5) released the following statement after supporting the House of Representatives’ FY 18 budget:
“Congress has created a plan that paves the way to address our spending-driven debt crisis and reform our broken tax code. Under the current tax code, Americans are forced to navigate an overly complex system. Through this legislation, tax rates are lowered for individuals, tax brackets are consolidated, the amount of time needed for families to file taxes will be dramatically reduced, and our country’s competitiveness will increase.
“The legislation passed today puts us on a path to fiscal responsibility with a balanced budget in 10 years, preserves the ability to repeal and replace Obamacare, gives our military greater resources to do their job, and rolls back regulations that stifle job growth. In fact, I supported an even more aggressive plan to address spending by supporting the Republican Study Committee’s budget – which unfortunately, did not pass.
“Wall Street and Washington are held accountable through the inclusion of key provisions of the Financial CHOICE Act. Through these provisions, the plan puts an end to taxpayer bailouts, the economy grows through competitive and transparent markets, and our families are protected from fraud – enabling them to achieve greater financial independence.”
WASHINGTON—One of Congress’s leading overseers of Wall Street urged regulators on Wednesday to delay the launch of a vast database of stock-market trades that is increasingly seen as a major target for hackers.
The comments by Rep. Jeb Hensarling (R., Texas), chairman of the House Financial Services Committee, add to pressure on SEC Chairman Jay Clayton to postpone the database’s launch or scale back its content after he disclosed last month that hackers accessed a key SEC system that stores market-moving information.
At a hearing of the House panel on Wednesday, Mr. Hensarling pressed Mr. Clayton to push back a Nov. 15 deadline for stock and options exchanges to begin reporting orders and trades to the database, called the Consolidated Audit Trail. Mr. Clayton defended the SEC’s need for data critical to its mission, but said he is considering whether to restrict the data that regulators access in order to reduce the risk it could be stolen by hackers.
“With the Consolidated Audit Trail serving as a central repository for order and trading activity data, I urge the SEC to delay its implementation date until the commission can ensure that the appropriate safeguards and internal controls are in place to protect this data,” Mr. Hensarling said.
The latest attack on the audit trail comes seven years after the SEC mandated its construction and spelled out what it should contain. Regulators accelerated the project—a complete inventory of market activity—after their failure to immediately explain the 2010 “flash crash” in which the Dow Jones Industrial Average plunged almost 1,000 points before quickly recovering.
The SEC finally approved the CAT plan last November, after years of proposals, delays and intra-industry fights over how it would be financed. Beyond trading data, it will hold personal information about individuals sending trades to their brokers, such as Social Security numbers and dates of birth.
Mr. Clayton said such granular data would allow regulators to more quickly identify insider trading. Having previously said that reporting to the audit trail shouldn’t be delayed, Mr. Clayton said Wednesday that the SEC wouldn’t download information from the database until he is satisfied that regulators need all of the data that the CAT would provide and can protect it.
“When do we need to get it? Do we need it all the time?” Mr. Clayton told lawmakers. “Those are very good questions.”
Thesys Technologies LLC, the entity building the CAT, declined to comment.
Mr. Clayton’s remarks Wednesday are likely to be seen as positive by exchanges, which fear they would be the target of lawsuits if valuable data is stolen. His comments also mark a significant contrast with the views of his predecessors, who saw the database as an essential tool for regulators trying to keep track of fragmented, high-speed markets where manipulative strategies are often layered across multiple exchanges.
“It looks like they are throwing sand in the wheels and trying to grind it to a halt,” said Joe Saluzzi, co-founder of brokerage Themis Trading LLC.
Individuals’ data such as Social Security numbers and dates of birth could be replaced in the repository with a different, unique client code supplied by brokers, he said. Regulators already use similar codes to identify trading activity by financial institutions. “Brokers have clients in Asia and Russia and how would I ever know who set the order in motion if I can’t track it down with an identifier?” Mr. Saluzzi said.
Responding to questions about the hack of the SEC’s electronic-filing system, known as Edgar, Mr. Clayton told lawmakers on Wednesday that the hackers likely got a sneak peek at corporate earnings news or “other events,” which would have allowed them to trade and profit ahead of the announcements.
“This is serious because it does impact the integrity of our markets,” the chairman said. “This information is a target of nefarious actors.”
Mr. Clayton said earlier this week that the hackers who broke into Edgar also accessed personal details about two people, including their names, dates of birth and Social Security numbers.
The Edgar breach—which occurred in 2016 but which Mr. Clayton didn’t learn about until August—has fed concerns in Congress that the SEC hasn’t shown it is capable of protecting audit-trail data. Reps. Brad Sherman (D., Calif.) and Warren Davidson (R., Ohio) said at the hearing they plan to introduce legislation that would delay the CAT until the SEC implements new data-security controls.
WASHINGTON–U.S. Congressman Jeb Hensarling (TX-05) released the following statement after voting in favor of the Pain-Capable Unborn Child Protection Act:
“Today, I proudly voted in favor of the Pain-Capable Unborn Child Protection Act. As American citizens, it is our responsibility to care for the most vulnerable voices in our nation: the unborn. It is my honor to stand with them and to prohibit the practice of late-term abortions. I firmly believe that life begins at conception and that every innocent life is worthy of protection. The United States is only one of seven countries in the world that permits elective abortion past 20 weeks. By banning abortion after 20 weeks, I hope that we can take a common-sense step to give voices to the voiceless and continue to defend the sanctity of human life.”
WASHINGTON–Yesterday, U.S. Congressman Jeb Hensarling (TX-05), Chairman of the House Financial Services Committee, spoke about Dodd-Frank repeal and tax reform on Fox News Channel’s Sunday Morning Futures with Maria Bartiromo.
Click here to view the video or on the photo below.
Rolling Back Dodd-Frank: “I would like to see [Dodd-Frank repeal] attached to any bill that moves across Congress. Fundamental tax reform is so critical to our economy, but so is regulatory reform. Speaker Paul Ryan has called the Financial CHOICE Act the crown jewel of our regulatory reform efforts…I look forward to any opportunity to advance both tax reform and regulatory reform.”
Challenging the Status Quo: “We have a president who has already rolled back hundreds of rules, used the Congressional Review Act fourteen times to roll back Obama regulations, where it’d only had been used once. So, this president really is poised to be the deregulation president – the most deregulation since President Reagan.”
Unlocking Potential: “With respect to the tax reform plan I cannot envision a plan that I would not end up supporting. I am very excited as is all our Republicans at this prospect at having a fairer, flatter, simpler, more competitive tax code.”
Answering the Call: “The important thing right now is to get the votes to get the tax reform package done. That’s what people want…There are all types of provisions in this outline that are going to help working families, middle-income families, but the most important aspect of this is this is a tax reform plan built for economic growth.”
Increasing Capital for Your Families: “This will bring jobs back to America, capital back to America, and lead to not just more jobs but bigger paychecks and greater take-home pay.”
WASHINGTON–U.S. Congressman Jeb Hensarling (TX-5) released the following statement after House Republicans released the Unified Framework for Fixing our Broken Tax Code:
“Texans and Americans are sick of the status quo in Washington. From Mesquite to Rusk, our citizens are crying out for relief from our complicated and onerous tax code. Today, Republicans are answering the call by offering a solution to fix our broken system with meaningful reforms.
“In this plan, tax rates for individuals and families are lowered by creating three simple tax brackets, special loopholes for special interests are eliminated, and our job creators are given the relief they need to grow and become more competitive.
“We need a fairer, flatter, simpler and more competitive tax code. One that can deliver more jobs and bigger paychecks.
“I look forward to working with my colleagues as we take the next steps to make good on our promise to empower the American people instead of Washington bureaucrats.”
Click here to review the House Republicans’ full framework to fix our broken tax code.
WASHINGTON–U.S. Congressman Jeb Hensarling (TX-5) released the following statement in response to the recent Daily Treasury Statement from the United States Treasury reporting that our national debt is set to surpass $20 trillion ($61,899 per citizen):
“As I said last week, when it comes to our national debt the familiar refrain from too many in Washington continues to be, ‘we will deal with that tomorrow.’ I’ve been hearing that for years and now the American people are waking up to find out we now have $20 trillion worth of debt today, and tomorrow never seems to come.
“There is a true spending-driven debt crisis in America. It is the greatest existential threat to our country that receives almost no attention in Washington.
“Not only will the national debt break federal and household budgets, but it is a direct threat to our national security. In a time where the world is more dangerous than ever, we cannot afford to short-change the safety and well-being of our citizens.
“When the debt was $17 trillion, Chairman of the Joint Chiefs of Staff Admiral Mike Mullen said, ‘the most significant threat to our national security is our debt.’ Now that number is significantly higher with no sign of stopping.
“$20 trillion in national debt is a dubious and dangerous milestone that was all too avoidable. If we do not, we will soon wake up to find ourselves a second-rate economic power, a second-rate military power, and a second-rate moral authority.”
WASHINGTON–U.S. Congressman Jeb Hensarling (TX-5) released the following statement after the United States Senate passed an increase in the debt ceiling tied to funding for Hurricane Harvey relief:
“On September 6th, I voted for the $7.6 billion of emergency aid for my fellow Texans suffering from the ravages of Hurricane Harvey. I expect to vote for more emergency aid to ensure our fellow citizens are out of harm’s way and have the food, shelter, and medicine necessary to sustain them. What I’m not prepared to vote for is even more national debt without the opportunity to offset it with lower priority spending. That’s what the Senate bill represented.
“The unsustainable national debt remains the greatest existential threat to our nation that is routinely ignored in Washington. If unabated, we will one day be unable to respond to similar emergencies as Hurricane Harvey. History teaches us that it is the poor who suffer the most, yet when it comes to our national debt the familiar refrain from too many in Washington continues to be, “we will deal with that tomorrow.” I have but little doubt that similar words were spoken in Greece and Detroit. Now the national debt had doubled and we are still waiting for tomorrow.
“These legislative matters should have never been combined by the United States Senate. In less than 24 hours, the Senate increased the debt limit without any offsets and reauthorized the broken and insolvent National Flood Insurance Program without any reforms all in the same bill. This is unacceptable and threatens the emergency funding of those who actually need it. Emergency spending bills must be restricted to emergency spending.”
WASHINGTON–U.S. Congressman Jeb Hensarling (TX-5) released the following statement after the House of Representatives approved an emergency aid package for Hurricane Harvey destruction:
“I frequently hear the term emergency in Washington, but this time it is truly warranted. We currently have fellow Texans and Louisianans who are in immediate need of food, shelter, and medicine. In all likelihood, our friends on the East Coast are in imminent danger as well.
“Nevertheless, another emergency that we continue to ignore is the emergency of our unsustainable national debt. Emergency funding should not come to the House without an opportunity to propose offsets, a number of which can easily be found in President Trump’s budget.
“I’ve seen emergencies arise from natural disasters before, and I’ve seen how this funding scenario can grow in size and shrink in focus. We need to provide emergency spending to get people out of harm’s way and provide an appropriate safety net. Rebuilding, as important as it is, should not go through an emergency funding process that exacerbates our dangerous and unstable national debt.
“Furthermore, we must solve the underlying problems of the National Flood Insurance Program or we will simply see increased fatalities and economic carnage. When it comes to the NFIP, the government should not be complicit in encouraging and subsidizing people to live in dangerous areas, and as people rebuild, we should be working toward mitigating the risks of living in flood prone areas.”
WASHINGTON–U.S. Congressman Jeb Hensarling (TX-5) released the following statement in response to the Trump Administration’s Deferred Action for Childhood Arrivals (DACA) announcement:
“America is well known as a land of freedom, prosperity, and opportunity, so it is understandable why many people would do anything they can to come here. However, the rule of law is fundamental to the future of our Republic. Any nation that cannot or will not enforce its laws is simply inviting further abuse.
“With regard to DACA, President Obama’s directive to circumvent Congress by Executive Order was quite simply unconstitutional and served to heighten tensions on the issue.
“With the Trump Administration’s announcement, the president has taken a rightful step to restore powers given to Congress under Article I of the Constitution and simply do the job we are elected to do.
“Like the president, I am sympathetic to young children who were relocated to our country through no fault of their own. For some, this is the only home they have ever known. It is imperative to find a proper resolution of their status, maintain the rule of law, and take necessary steps to end rampant illegal immigration.”
2228 Rayburn HOB
Washington, DC 20515
First elected to Congress in 2002, Jeb Hensarling is a strong conservative and an outspoken advocate for limited government and unlimited opportunity.
As chairman of the House Financial Services Committee, Jeb is a leader in promoting consumer choice, competitive markets, and smart regulation in our financial markets. He was the only member of Congress to have introduced comprehensive reform legislation for Fannie Mae and Freddie Mac during the credit crisis, lauded in the media as “a concrete plan for fixing Fannie and Freddie.” Jeb was recognized by The New York Times for “leading the GOP Vanguard against the Bailout,” and was the only member of Congress to have introduced a legislative alternative to TARP during the heart of the credit crisis, which would have minimized taxpayer exposure and the politicization of the market.
A lifelong conservative dedicated to advancing the principals of faith, family, free enterprise, and freedom, Jeb was chosen by his colleagues during the 112th Congress to chair the House Republican Conference—the fourth ranking leadership position in the House—and in the 110th Congress, he was elected chairman of the Republican Study Committee—the largest conservative caucus in the House. The Associated Press recently recognized Jeb’s consistency on conservative issues saying, “he made cutting federal spending, ending earmarks and reducing the size of government his priorities before the tea party came into existence.”
In recognition of his relentless fight to cut wasteful Washington spending and remove barriers to job growth, Jeb was appointed to serve on the Congressional Oversight Panel for TARP, the National Commission on Fiscal Responsibility and Reform, and was most recently appointed co-chairman of the Joint Select Committee on Deficit Reduction.
Prior to the 112th Congress, Jeb served as the number two Republican on the House Budget Committee—under now Chairman Paul Ryan—and has consistently fought to reduce our debt and stop out-of-control Washington spending. He is a co-author of the “Spending, Deficit, and Debt Control Act,” a landmark budget reform bill that was heralded as the “gold standard” of budget enforcement legislation by a coalition of conservative groups, including the Americans for Tax Reform, Citizens United Against Government Waste, Citizens for a Sound Economy, and the National Taxpayer Union. Jeb also authored the “Spending Limit Amendment”—a Constitutional amendment that would limit federal spending to no more than 20% of the economy—the historic average since WWII. For his work to rein in wasteful Washington spending and put our country back on a fiscally sustainable path, the National Review Online dubbed him “Rep. Budget Reform,” and The Dallas Morning News called him a “truth teller” who “has become one of the most important GOP members of Congress.”
Born in Stephenville, Texas, Jeb grew up working on his father’s farm near College Station. He earned a degree in economics from Texas A&M University in 1979 and a law degree from the University of Texas in 1982. Before coming to Congress, Jeb spent ten years in the private sector, serving as an officer for a successful investment firm, a data management company, and an electric retail company.
Jeb and his wife, Melissa, are members of St. Michael and All Angels Church, and reside in Dallas with their two children, Claire and Travis.
Retweeted by rephensarling
With passage of a budget blueprint, the Senate took a big step forward for #taxreform last night. Ready to move forward w/ tax overhaul.
Retweeted by rephensarling
Last week, the committee passed 22 largely bipartisan bills to move forward for house consideration. More info ➡️ https://t.co/Lko4LYnm2C
Retweeted by rephensarling
Retweeted by rephensarling
$20 trillion debt + subsidizing and encouraging people to live in harm's way = unacceptable. Full statement → https://t.co/tiRP7AxE9Y