Scott Garrett

Scott Garrett

NEW JERSEY's 5th DISTRICT

Garrett Statement on Fourth Anniversary of Dodd-Frank

2014/07/21

WASHINGTON, D.C. – Rep. Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, issued the following statement today to mark the four year anniversary of the Dodd-Frank Act: “It’s been four years since President Obama signed Dodd-Frank into law and our economy's anemic growth since that time is just one example of why it is ineffective. In addition to holding back the economy, Dodd-Frank also puts unsuspecting American taxpayers on the hook for endless Wall Street bailouts. The sad news is that the consequences of this heavy-handed law continue to creep into every U.S. industry. Now more than ever, we need solutions that address the real issues behind the 2008 financial collapse, protect taxpayers, and ensure that the U.S. continues to have the most robust capital markets in the world.”     ### Read More

Rep. Garrett’s Statement on Fallen Waldwick Police Officer Christopher Goodell

2014/07/17

WASHINGTON, D.C. – Rep. Scott Garrett issued the following statement upon hearing the tragic news of an accident that took the life of Waldwick police officer and United States Marine Corps veteran Christopher Goodell: “I was deeply saddened this morning to hear the tragic news of the accident that took the life of Waldwick police officer and United States Marine Corps veteran Christopher Goodell.  As both a law enforcement officer and marine, Officer Goodell displayed a deep dedication to his country and his community. Public service is a calling, and answering that call is truly a virtue. My thoughts and prayers are with Officer Goodell’s family, friends, and the Waldwick community as they mourn the loss of one of their bravest sons.”     ### Read More

House Passes Garrett Amendment to Financial Services Appropriations Bill

2014/07/16

WASHINGTON, D.C. – Rep. Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, issued the following statement today after the passage of the FY2015 Financial Services and General Government (FSGG) Appropriations Bill, H.R. 5016, which included his amendment to ensure that non-bank financial institutions cannot be designated as Systemically Important Financial Institutions (SIFI) by the Financial Stability Oversight Council (FSOC). “With every reckless designation of a non-bank company as a SIFI, FSOC makes our economy more dangerous and unstable.  FSOC is not working out as intended, so I’m glad to see that the House adopted my amendment today.  We must prevent government regulators from expanding the doctrine of too-big-to-fail into other parts of our economy.  And we must not allow too-big-to-fail to take root in the non-bank financial sector.  These companies are too important as a counterbalance to the mega-banks for us to ruin them with crony capitalism.” Rep. Garrett’s amendment would prohibit the Secretary of the Treasury and the Chair of the Securities and Exchange Commission (SEC), in their roles as members of the FSOC, from designating non-bank financial companies as SIFIs. The FSOC, as created under the Dodd-Frank Act, has the ability to label non-banking financial companies as systemically important and has essentially codified an endless cycle of too-big-to-fail.   ### Read More

Rep. Garrett Calls for Retraction from White House Over Recent Comments about Israel’s Commitment to Peace

2014/07/10

WASHINGTON, D.C. – Rep. Scott Garrett (NJ-05) is calling for a retraction of comments by top White House official Philip Gordon, Special Assistant to the President and White House Coordinator for the Middle East, North Africa, and the Gulf Region.  In a recent foreign policy address, Gordon questioned Israel’s commitment to peace by saying: “How can Israel have peace if it’s unwilling to delineate a border [and] end the occupation…?” “The Obama administration should immediately repudiate Mr. Gordon’s comments.  As Israel defends itself against countless rocket attacks from Hamas, it shouldn’t also have to defend itself against those in the White House.  While the Obama administration says it supports Israel, these comments obviously stand in stark contrast to that commitment and must be retracted.  My heart goes out to those who have been the victims of these attacks.  I wholeheartedly support our greatest friend and ally in the Middle East as they seek to eliminate those who are perpetrating this violence.” This week, Congressman Garrett co-sponsored H. Res. 657, a resolution that reaffirms the United States' support for Israel’s right to defend its citizens and ensure the survival of the State of Israel, condemns the unprovoked rocket fire at Israel, and calls on Hamas to immediately cease all rocket and other attacks against Israel. ### Read More

Huizenga, Garrett Release Major Fed Reform Legislation Including Pathway to Audit the Fed

2014/07/08

Washington, DC – Today, Monetary Policy and Trade Subcommittee Vice Chairman Bill Huizenga (MI-02) and Capital Markets and Government Sponsored Enterprises Subcommittee Chairman Scott Garrett (NJ-05) announced the introduction of H.R. 5018, the Federal Reserve Accountability and Transparency (FRAT) Act.   "Over the past several years, the Federal Reserve has gained unprecedented power, influence, and control over the financial system while remaining shrouded in mystery to the American people," said Huizenga. "H.R. 5018 lifts this veil of secrecy by increasing accountability and transparency by limiting Fed officials 'blackout periods' to discuss policy with Congress, opening the rulemaking process, and requiring the Fed to provide a cost-benefit analysis for every regulation it issues.  Additionally, this legislation urges the Fed to adopt a 'rules-based' approach to monetary policy instead of the continued improvisation strategy currently being employed.  Should the Fed fail to adopt a 'rules-based' approach, it would trigger an audit of the Fed's books." “Despite setting regulatory policies that impact millions of Americans, the Federal Reserve--by and large--operates in secret,” said Garrett after the bill's introduction in the House.  “Congress is all that stands between the central bank's exercise of power over the financial system and the American people.  So it is vital to ensure that the Fed is accountable to the people's representatives.  I'm proud to support Rep. Huizenga's commonsense bill, and look forward to its swift passage.” The bill requires the Federal Reserve to conduct cost-benefit analysis when it adopts new rules. The bill enhances the Federal Reserve’s accountability to Congress in the conduct of regulatory policy and requires transparency about the Federal Reserve’s bank stress tests and about international financial regulatory negotiations conducted by the Federal Reserve, the Treasury Department, and the Federal Deposit Insurance Corporation. The legislation further requires the Federal Reserve to disclose the salaries of highly paid employees and requires those employees to abide by the same ethical requirements as other federal financial regulators. Text of H.R. 5018 can be found here and a section by section analysis of the legislation is available here. ### Read More

Garrett Congratulates Haworth Resident Giancarlo for Taking Top-Spot at the CFTC

2014/06/25

Rep. Garrett (right) congratulates Haworth resident Chris Giancarlo for being sworn-in as the Commissioner of the U.S. Commodity Futures Trading Commission (CFTC). Washington, D.C. – Rep. Scott Garrett (NJ-05) congratulated Haworth resident Chris Giancarlo for being sworn-in as the Commissioner of the U.S. Commodity Futures Trading Commission (CFTC) at a ceremony in Washington, D.C. yesterday morning. “Chris has a long history of promoting sound regulatory policy, free markets and economic liberty,” said Garrett at the ceremony. “I know he will bring a steady hand, common sense, and strong leadership to the Commission. His deep understanding of our derivatives markets make him an ideal choice for serving at the Commission as it continues to implement difficult and complex rules that will have a significant impact on farmers, ranchers, and producers.  Very few people know these markets as well as Chris, and his expertise will come in handy as the Commission faces markets that continue to shift and evolve.” Giancarlo was sworn in as a CFTC Commissioner on June 16, 2014 for a term expiring on April 13, 2019.  Giancarlo was nominated by President Obama on August 1, 2013.  On March 6, 2014, Giancarlo testified regarding his nomination before the U.S. Senate Committee on Agriculture, Nutrition and Forestry, which approved the nomination on April 8, 2014.  The U.S. Senate confirmed his nomination by unanimous consent on June 3, 2014. ### Read More

Rep. Garrett’s Statement Regarding Today's SEC Open Meeting

2014/06/25

Washington, D.C. – Rep. Scott Garrett (R-NJ), senior Member of the House Budget Committee and Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, issued the following statement in reaction to today’s Securities and Exchange Commission (SEC) open meeting. “While I am still reviewing the specifics, I am pleased the SEC followed traditional good government procedures—as required by law—in finalizing today’s cross-border rule.  However, it is still completely unacceptable that the SEC and CFTC have different final cross-border approaches.  Hopefully, the CFTC will revisit its cross-border approach.  I believe the CFTC should immediately move to implement a formal rule that allows for appropriate regulation harmonization across borders and does not needlessly fracture the global swaps market into various pools of less liquidity and more costly hedging for end-users like farmers, ranchers, and producers.” ### Read More

House Passes Garrett Amendment to H.R. 4413, the Customer Protection and End-User Relief Act

2014/06/24

Washington, D.C. – The House of Representatives today approved H.R. 4413, the Customer Protection and End-User Relief Act.  Introduced by Rep. Frank Lucas (R-OK), the legislation reauthorizes the Commodity Futures Trading Commission (CFTC) to better protect futures customers; to provide end-users with market certainty; to make basic reforms to ensure transparency and accountability at the Commission; and to help farmers, ranchers, and end users manage risks to help keep consumer costs low. Representative Scott Garrett, Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, successfully amended the bill to address duplicative and overly burdensome requirements on behalf of pensioners, savers, retirees, endowments, municipalities and many other investors.  Rep. Garrett’s amendment was adopted by a strong bipartisan majority, 252-158. “At a time when millions of American households are approaching retirement and their investment returns are significantly reduced because of the Federal Reserve’s low interest rate policies, it is important that government public policy minimizes the regulatory costs of investing for retirees, pensioners, and savers.  We must strike the right balance between ensuring investors have the ability to earn adequate returns on their investments with appropriate regulatory oversight of our financial markets.  I’m very glad that my amendment, which would help restore this balance and protect investors, was adopted.” ### Read More

Garrett's FSOC Legislation Passes Financial Services Committee

2014/06/20

The House Financial Services Committee today approved H.R. 4387, the Financial Stability Oversight Council (FSOC) Transparency and Accountability Act, by a vote of 32-27.  Introduced by Rep. Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, the FSOC Transparency and Accountability Act will correct some of the most egregious and indefensible concerns about transparency and accountability at FSOC. “It’s time we take a hard look at the FSOC to make sure that this council will truly bring stability to our financial system,” said Garrett.  “FSOC is far too powerful, and its actions far too important, for us to leave it in the dark.  I’m very pleased to see this important bill make its way to the full House for a vote, and I look forward to its swift passage.”  BACKGROUND The FSOC Transparency and Accountability Act would: Subject the FSOC to the Government in the Sunshine Act; Subject the FSOC to the Federal Advisory Committee Act; At all FSOC meetings, allow for the participation of all members of the Commissions and Boards represented; Require that any vote taken by the principal of a Commission or Board represented must first be taken by that Commission or Board and the principal must then in turn vote that same decision at the Council; and Allow for Members of Congress on the Congressional oversight committees of FSOC to be able to attend all FSOC meetings.   ### Read More

Garrett Surveys Musconetcong River in Warren County

2014/06/20

Rep. Garrett gets an up-close look at the work done by the Musconetcong Watershed Association—in 2006, Garrett helped make the river a part of the National Wild and Scenic River System. WARREN COUNTY, NJ – Rep. Scott Garrett (NJ-05) recently surveyed the Musconetcong River with members of Musconetcong Watershed Association to oversee the progress that they have made since the river became part of the National Wild and Scenic River System in 2006. “I’m proud of the dedicated members and volunteers of the Musconetcong Watershed Association for all of the work they have done on the river since the president signed my bill, the Musconetcong Wild and Scenic Rivers Act, into law in 2006.” said Garrett. “New Jersey has some of the greatest natural beauty in the country, and I will continue to fight to preserve our scenic open spaces so they can be enjoyed by future generations.” In 2006, Congressman Garrett sponsored the Musconetcong Wild and Scenic Rivers Act to make two segments of the Musconetcong River—a total of 24.2 miles—part of the National Wild and Scenic River System.  President Bush signed the bill into law on December 22, 2006. ### Read More

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Contact Information

2232 Rayburn HOB
Washington, DC 20515
Phone 202-225-4465
Fax 202-225-9048
garrett.house.gov

Committee Assignments

Budget

Financial Services

On January 3, 2013, Congressman Scott Garrett was sworn in to the United States House of Representatives, representing New Jersey’s 5th Congressional District.  Since his election to Congress in 2002, Scott has burnished himself with a reputation as a leading advocate of tax relief and pro-growth economic policies, earning him awards and accolades from a number of national taxpayer and small business groups.

As a senior member of the House Budget Committee, Scott is on the frontline of House Republican efforts to rein in runaway government spending and shrink our country’s ballooning national debt.

A member of the House Financial Services Committee since his election to Congress, Scott has been at the forefront of public policy deliberations dealing with issues related to the financial services industry, developing considerable expertise in areas ranging from securities and finance to insurance and regulatory oversight.

At the beginning of the 112th Congress, Scott was selected to serve as the Chairman of the Financial Services Subcommittee on Capital Market and Government-Sponsored Enterprises.  In this role, Scott presides over the subcommittee with jurisdiction over the Securities and Exchange Commission (SEC) and government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.  In addition, the subcommittee also handles all matters related to capital markets activities such as business capital formation and venture capital, as well as derivative instruments.

As founder and Chairman of the Congressional Constitution Caucus, Scott is highly respected among his House colleagues as an authority on constitutional issues.  Founded in 2005, the Constitution Caucus provides an effective forum for education on constitutional principles and discussion on the appropriate limitations of congressional action.

Born in Englewood, Scott has spent much of his life living in North Jersey, which has instilled in him a great appreciation for the outdoors.  He is a leading proponent of preserving open space and protecting such natural treasures as the Highlands, the Musconetcong River and the Wallkill River National Wildlife Refuge.

Prior to his election to Congress, Scott served in the New Jersey General Assembly from 1990 to 2002, as the senior Assemblyman for the 24th Legislative District, Assistant Majority Leader, and Chairman of the Banking and Insurance Committee.  During his tenure, he also served on the Education, Transportation, Agriculture & Natural Resources Committees, as well as the Joint Committee on Public Schools.

Scott earned his Bachelor of Arts degree from Montclair State University and his Juris Doctor from Rutgers School of Law – Camden.

Scott resides in Wantage Township in Sussex County with his wife, Mary Ellen, and their two daughters, Jennifer and Brittany.


Serving With

Frank LoBiondo

NEW JERSEY's 2nd DISTRICT

Jon Runyan

NEW JERSEY's 3rd DISTRICT

Christopher Smith

NEW JERSEY's 4th DISTRICT

Leonard Lance

NEW JERSEY's 7th DISTRICT

Rodney Frelinghuysen

NEW JERSEY's 11th DISTRICT

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