“The lack of confidence in these policies is what is keeping jobs and capital on the sideline. It is incumbent upon us to return that confidence.”
WASHINGTON – House Republican Conference Chairman and Financial Services Committee Vice Chairman Jeb Hensarling (R-Texas) made the following remarks today on the floor of the House of Representatives in support of H.R. 1315, a bill to bring greater transparency, accountability, and oversight to the Consumer Financial Protection Bureau (CFPB) created as a result of the 2010 Dodd-Frank legislation.
“Mr. Chairman, already we know that in America, we are looking at 9.2 percent unemployment. The president told us if we would pass his stimulus plan—one trillion dollars—unemployment would never go beyond 8 percent. And now, he is presiding over the longest period of high unemployment since the Great Depression. We just got the statistics, since they’ve been keeping them. It now takes 10 full months for somebody unemployed to find a job. One in seven on food stamps. The fewest new business starts in 17 years. This economy is not suffering so much from a lack of capital. It is a lack of confidence, and a lack of confidence primarily in the policies of our president and the previous Congress.
“Part of that lack of confidence is attributable to Dodd-Frank, and this CFPB, which, yes, does have some wonderful consumer protection powers, but also has historic draconian powers to ration and ban consumer credit for families and small businesses. And yet, here it is, as the gentlelady from West Virginia, the subcommittee chairman pointed out, almost a year later, only now, only now, has the president seen fit to appoint some type of director. The lack of confidence in these policies is what is keeping jobs and capital on the sideline. It is incumbent upon us to return that confidence.
“So, yes, to my colleagues on the other side of the aisle, this is yet again another jobs bill. We need to say, ‘You know what, small businesses in America? There’s not going to be one czar who controls consumer credit.’ We’re at least going to have a panel representing both primary parties in the United States. And, by the way, at least now, somebody will have to consider safety and soundness in what this bureau does.
“The people who are telling us, ‘Don’t worry about it,’ are the very same people who were telling us: ‘Don’t worry about safety and soundness when it comes to Fannie and Freddie. Come on, it’s all about consumers. It’s all about home ownership. Let’s roll the dice. Don’t worry about safety and soundness.’ Well, Mr. Speaker, we have to worry about safety and soundness. American small businesses are worried about safety and soundness.
“It is time to bring some confidence, it is time to bring some certainty so that we can get our friends, our neighbors, and our constituents back to work. Because they don’t want welfare checks, they want paychecks. And this is one small step we can take today to provide that certainty.”