WASHINGTON – House Republican Conference Chairman and Financial Services Committee Vice Chairman Jeb Hensarling (R-Texas) issued the following statement today in support of Senate Republicans for insisting on structural reforms to bring more accountability to the newly-created Consumer Financial Protection Bureau (CFPB).
“Not since the Great Depression has unemployment in America been so high for so long, yet the president and his Senate allies continue to focus more on job-killing bureaucracy creation than on much-needed job creation. I commend my Republican colleagues in the Senate for putting a stop to this nomination until meaningful changes are made to make this new government bureaucracy more accountable to the American people.
“Under the Dodd-Frank Act, this single credit czar will have the power to decide whether the Rodriguez family of Mesquite, Texas, can obtain a mortgage; whether the King family of Athens, Texas, can get a car loan; or whether the Schoen family of Kaufman, Texas, can even get a credit card in order to buy their groceries.
“The American people are fed up with Washington making their decisions for them – and President Obama is only making things worse. We know that banning certain types of credit available to small businesses won't create jobs. We know that rationing consumer credit won't grow the economy. So the real question is: why would we empower another unelected bureaucrat to do just that?
“If the president and Senate Democrats are finally ready to be productive, then they should stop ignoring more than 25 House-passed bipartisan jobs bills stacked up like cordwood on the Senate’s doorstep. By the end of this week, the House will have passed 27 bipartisan jobs bills thanks to the House Republican Plan for America’s Job Creators. The American people deserve a vote on these jobs bills, and it's long past time for Senate Democrats to act.”