WASHINGTON, D.C. – Rep. Scott Garrett (NJ-05), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, issued the following statement after the House passed H.R. 1675, the Capital Markets Improvement Act of 2016. The Capital Markets Improvement Act of 2016 is a package of legislation that passed through Rep. Garrett’s subcommittee with bipartisan support.
“New Jersey families are sick of the rhetoric about economic recovery when all they have to do is look around at their towns and their bank accounts to know it’s bogus. It has been over ten years since the United States had GDP growth of more than 3 percent and many middle and lower income families are still struggling to make it to their next paycheck. New rules in Washington after the 2008 economic collapse armed bureaucrats with more regulations that hurt investment and growth on Main Streets everywhere.
“Today the House passed legislation from my subcommittee that will help small businesses expand and hire new workers, and provide opportunities for Americans to create real wealth. This bipartisan bill includes no new federal mandates on small businesses, doesn’t throw taxpayer money at a bad situation, and doesn’t grow the federal government. By loosening Washington’s grip and putting the American people in control of our economic recovery, everyone can get ahead.”
WASHINGTON, D.C. – Rep. Scott Garrett (NJ-05) issued the following statement after voting for H.R. 3662, the Iran Terror Finance Transparency Act:
“There is a list of over 50 individuals and entities with known ties to terrorism, histories of human rights abuses, and involvement in weapons proliferation that are eligible for sanctions relief under President Obama’s nuclear deal with Iran. These are dangerous actors that should not be rewarded with money they could use to put the United States and its allies in danger.
“Today, I voted to force President Obama to prove that each and every one of these entities poses no further threat to the U.S. before they are granted congressional approval to be removed from this list. Iran’s recent activities such as testing ballistic missiles and capturing U.S. sailors prove they are growing increasingly aggressive, and Congress must be allowed to conduct strict oversight to make sure money doesn’t fall into the hands of those that wish to do us harm.”
WASHINGTON, D.C. – Rep. Scott Garrett (NJ-05) issued the following statement after voting for H.R. 3762, the Restoring Americans’ Healthcare Freedom Reconciliation Act, Objections of the President Notwithstanding:
“Today I voted to override the president’s veto of the ObamaCare repeal bill because Washington bureaucrats have no place standing between hardworking families and their health care choices. ObamaCare forces American families out of their insurance, skyrockets the cost of care, and stifles the ability of businesses to create jobs. I will continue to fight for families and their right to make their own health care decisions.”
WASHINGTON, D.C. – Rep. Scott Garrett (NJ-05) issued the following statement after President Obama delivered his final State of the Union address:
“Tonight’s State of the Union address seemed like a victory lap for the president, but for many Americans victory is still nowhere in sight. The six million people still looking for full time employment haven’t seen victory. Neither have those who lost their health care or preferred doctor because of ObamaCare. Or the future generations who will be burdened with debt because of the reckless spending of this administration.
“We must work hard to unleash the American spirit so everyone can pursue their dreams. That means meaningful reforms that reduce regulatory burdens, fix the broken tax code, and rein in the national debt. These are solutions that will empower Main Streets in New Jersey, not bureaucracies in Washington, D.C.
“Additionally, I was troubled by only one fleeting mention of the nuclear deal with Iran and nothing about the U.S. Navy vessels and their crews that are being held captive by Iran. This deal is fundamentally flawed and Iran cannot be left on a path to obtain nuclear capabilities in a few short years.
“If the president wants to work on cutting red tape and regulations, I invite him to join the House Financial Services Committee in looking at the 400 new rules imposed by Dodd-Frank and their massive compliance costs that are being passed along to hardworking families. If he wants to put the American people first, I encourage him to look at the ObamaCare repeal bill that would put health care back in the control of the American people that he vetoed last week. And if he’s serious about the future of America, please Mr. President, deliver a budget next month that actually balances to preserve prosperity for our children and grandchildren.
“We can do better, and this year the House will continue to put forward ideas and legislation that put Americans in the driver’s seat to recovery. I invite the president to join us.”
WASHINGTON, D.C. – Rep. Scott Garrett (NJ-05) issued the following statement before President Obama’s final State of the Union address this evening:
“Like a bad New Year’s Resolution, for the past six Januarys President Obama has come before Congress and the American people and delivered a State of the Union address that promises that this year things will be different. But despite all of the president’s words and promises, our economy continues to struggle, the national debt threatens the future of our country, and the nuclear deal struck with Iran and lack of a clear strategy against ISIS make the world a more dangerous place for the United States.
“Tonight is a chance for the president to leave the rhetoric and failed policies behind him and come to Capitol Hill with something new. Hardworking Americans deserve an outline for a people first, pro-growth economy, a real plan to balance the budget, a strategy to protect the United States, and an emphasis on the rights and liberties granted by the Constitution. Those are 2016 resolutions that everyone can get behind.”
Rep. Scott Garrett is a senior member of the House Budget Committee and Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises.
WASHINGTON, D.C. – Rep. Scott Garrett (NJ-05), a senior member of the House Budget Committee, issued the following statement after the House voted for the Restoring Americans' Healthcare Freedom Reconciliation Act, a budget reconciliation bill which would repeal ObamaCare:
“Many New Jersey families I speak to are suffering from the devastating effects of ObamaCare. People have lost access to their preferred health care and doctors, out-of-pocket costs have increased, premiums have skyrocketed, and some have actually opted to completely forego insurance and instead pay a mandated fine to save money.
“To help these struggling families, today I voted for a budget reconciliation bill that will repeal ObamaCare and relieve our families of the burden placed upon them with this failed health care law. It’s time for President Obama to look at the devastation ObamaCare has caused to hardworking Americans and sign this bill to repeal it.”
The budget reconciliation process eliminates the option of a Senate filibuster and requires the Senate to hold an up or down vote on the bill. Having passed both chambers of Congress, this will be the first time ever that an ObamaCare repeal measure will be presented to the president for his signature or veto.
WASHINGTON, D.C. – Rep. Scott Garrett (NJ-05), a senior Member of the House Budget Committee, issued the following statement after voting against the $1.1 trillion omnibus spending bill:
“While I strongly support provisions that provide health care to 9/11 first responders and address key vulnerabilities in how we issue visas to foreign visitors, this bloated $1.1 trillion spending bill doesn’t do enough to address our nation’s crippling debt, protect civil liberties, nor strengthen our national security and, therefore, I could not support it. New Jersey families are frustrated with Washington because of spending bills like this that are 2,000 pages long, include new surveillance provisions which were inserted in the middle of the night, lack adequate security from the threat of terrorists seeking to cross our borders, and add to the nearly $20 trillion national debt that is hindering our economy.”
Seven years ago today, Bernie Madoff was arrested for orchestrating the most devastating Ponzi scheme in US history. Unfortunately, many of Madoff’s victims still haven’t seen the restitution they were guaranteed under federal law.
Setting up shop as a seemingly legitimate broker-dealer, Madoff conned thousands of people into parting with $65 billion of savings in exchange for a comfortable rate of return. The problem was he never invested the money; he simply cycled money around and skimmed millions in the process. When a scam like this goes awry, as it did in 2008, many hardworking people are crippled financially as they lose their life savings.
To deter such flagrant cases of criminal wrongdoing, in 1970 Congress passed the Securities Investor Protection Act. This set up an industry-funded safeguard, the Securities Investor Protection Corporation, to step in and liquidate offending firms so innocent investors could get some of their losses back.
But it hasn’t worked this way for Madoff’s victims. And that needs to change.
The average investor who trusted Madoff has faced costly legal battles and dead ends, and in some cases was forced to pay for a crime he or she didn’t commit. These are not institutional investors, Wall Street tycoons or broker-dealers who should have known something was amiss — they’re everyday people who parked their children’s college savings or their retirement savings in these investments.
They can’t simply write off these losses. The investor-protection corporation was specifically designed to protect them from bad actors, and the Madoff case was tailor-made for SIPC to live up to its responsibilities.
When people invest their money, they receive a monthly statement from their broker detailing how much is in their account. For example, if you invested $10,000 five years ago and have made $3,000 on your investment, your statement will show that you have $13,000 in your account.
You assume this number is correct because federal law promises to protect you from fraud, and you trust that your broker is legitimate. If you’re the victim of fraud, your final statement would be used to calculate your restitution. (Known as the “final-statement” method.)
Now imagine that you withdrew your $13,000 investment and spent it before Madoff’s plot unraveled. As a normal investor, you have no way of knowing that you were a victim in this Ponzi scheme, but the investor-protection corporation is going to sue you and claw back your money because you’re considered a “winner” that came out ahead.
This is known as the “net investment” method. It’s the method being used on Madoff’s victims. So when SIPC claims that it’s making victims “whole,” they don’t mention that some of the money they want to use is coming from people who were sued even though they didn’t do anything wrong.
For this reason, I have introduced the Restoring Main Street Investor Protection and Confidence Act. This bill doesn’t add to existing regulation, it simply enforces the statute that’s been on the books since 1970 and makes good on the government’s guarantees.
By directing SIPC to use the final-statement method instead of the net-investment method, my bill recognizes that withdrawals made by investors reflected their confidence in the government-mandated (but private-sector-funded) coverage despite the possibility of broker fraud.
Pretending that the Madoff victims don’t deserve the same treatment as other victims of broker fraud is disingenuous and deeply unfair, and Congress must hold the Securities Investor Protection Corporation accountable. After all, its job is to protect fraud victims, and this is one industry group that can certainly afford to meet its commitments.
Congress shouldn’t work for the few or the privileged; it should represent everyone who works hard to save for their families, their retirement or just for a rainy day. I commend the dozens of Republicans and Democrats who have thrown their support behind this bill to stand up for our constituents and their right to be treated fairly under law.
Scott Garrett (R-NJ) is chairman of the House Financial Services Committee Subcommittee on Capital Markets and Government-Sponsored Enterprises.
WASHINGTON, D.C. – Rep. Scott Garrett (NJ-05), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, delivered the following remarks at a Financial Services Committee hearing entitled “Oversight of the Financial Stability Oversight Council.” Garrett is the author of H.R. 3557, the Financial Stability Oversight Council (FSOC) Transparency and Accountability Act, to bring much-needed transparency and accountability to the FSOC.
Congressman Scott Garrett’s opening remarks as prepared for delivery:
Thank you Mr. Chairman and welcome to all of our witnesses.
So I would guess that all of you have gotten to know each other pretty well during those closed-door FSOC sessions where you discuss ways to fundamentally re-make the United States economy
But I thought I would take this opportunity to introduce you to the group up here on the dais
We’re known as “Congress”, we were created by Article I of our Constitution, and we are the elected representatives of the American people
We’re the ones that send you those pesky letters that you routinely ignore, and while I am sure that you are confused by the public seating and the cameras here today, unlike FSOC, our deliberations are actually open and transparent to the public
I hope that if there’s one thing you take away from today’s hearing, it’s that FSOC needs to do the same, and stop hiding its operations from the view of the American public, and begin to adopt some of the transparency measures that each of your individual agencies are subject to
With that Mr. Chairman, I yield back
The FSOC Transparency and Accountability Act would:
This bill passed the Financial Services Committee on November 8th.
WASHINGTON, D.C. – Rep. Scott Garrett (NJ-05), issued the following statement after Iran violated U.N. security council resolutions by testing ballistic missiles:
“Despite the opposition of the American people and the majority of Congress, President Obama signed a dangerous nuclear deal with Iran. As predicted by myself and my colleagues, we have seen little-to-no change in Iran’s behavior as they continue to break international agreements. Yesterday, we learned that the Iranian regime tested a ballistic missile—the second they’ve tested since the deal was signed. This clearly violates U.N. security council resolutions, including the same U.N. resolution that endorsed the Iran deal. In addition to these tests, a recent IAEA report found that Iran has pursued nuclear weapons as recently as 2009.
“The administration cannot sit idly by as Iran continues to violate international agreements, and I call on them to take these violations seriously. It’s obvious that Iran has ambitions to create nuclear weapons, and therefore the United States should continue the economic sanctions that successfully brought this tyrannical regime to the negotiating table. The safety and security of the United States and its allies is my top priority, and I will continue to fight to keep nuclear weapons out of Iran.”
Press Release - Garrett Statement on Iran Nuclear Arms Deal
Press Release - Garrett Introduces Bill to Ensure U.S. Never Assists Iran’s Nuclear Program
Op-Ed - NJ Jewish Link - We Must Keep Nuclear Weapons Out of Iran
Op-Ed - NJ Herald - Constitution has been cast aside in bad Iran deal
Article – The Record - Garrett vows to keep fighting Iran agreement
2232 Rayburn HOB
Washington, DC 20515
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.
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We should not relieve sanctions on groups that wish to harm us, Mr. President. https://t.co/kMqmmzcQoA
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Washington bureaucrats have no place standing between hardworking families and their health care choices. https://t.co/s1lVu6KNKs
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My offices have received some calls about this IRS fraud. Please help me spread this info to friends and family. https://t.co/KJbWHPlgTV
One of my colleagues tried to downplay the seriousness of the national debt and deficit at a Budget Committee hearing today. Tell that to people
Today I voted to override the president’s veto of the ObamaCare repeal bill because Washington bureaucrats have no place standing between hardworking
There is a list of over 50 individuals and entities with known ties to terrorism, histories of human rights abuses, and involvement in weapons
My offices have received some calls about this IRS fraud. Please spread this information from the U.S. Department of the Treasury to friends
Secretary of State John Kerry today admitted what we all knew; some of the money granted to Iran for sanctions relief will go to terrorists.