Hensarling Adds to Financial Deregulation Rhetoric
Last week, Chairman of the House of Representatives Committee on Financial Services, Jeb Hensarling (R – TX), issued a statement adding to the mounting Republican rhetoric for deregulation in the financial sector. In his statement, published on November 5, 2014, Chairman Hensarling hinted at plans to reform existing financial regulations, many of which have been imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), and ease the oversight burdens on capital markets and the housing finance system.
Since Republicans swept the House and Senate in the midterm election, two seasoned Republican congressmen are now at the helm of the most influential congressional committees, the Senate Committee on Banking, Housing and Urban Affairs and the House Committee on Financial Services. With a majority in Congress, standing Chairman Hensarling will have a stronger platform to advance his legislative agenda.
In his statement, Chairman Hensarling said he hoped the committee would “lessen the burden of frustrating red tape, and build a sustainable and consumer-friendly housing finance system.” He also said “I look forward to working … to promote economic growth by fostering the deepest, most liquid, competitive, efficient, innovative and transparent capital markets the world has ever seen.” As evidenced by Hensarling’s statement, as well as the statements of other prominent Republicans, it appears that Congress is moving into a phase of free-market deregulation for the financial sector.
- Hensarling’s Statement: http://financialservices.house.gov/news/documentsingle.aspx?DocumentID=398423