House Republican: Wall Street Debate About “Smart Regulation And Dumb Regulation”

By Justine Rellosa- Talk Radio News Service

Rep. Jeb Hensarling (R-Texas) told reporters during a briefing Wednesday with other Republicans that the debate over financial Wall Street reform legislation comes down to a difference between “smart regulation and dumb regulation."

Rep. Tom Price (R-Ga.), who joined Hensarling, pointed out what form these "dumb regulations" could take.

"This legislation ... is going to harm job creation and capital formation in America,” said Price. “It continues to enshrine us as a bailout nation.”

Rep. Scott Garrett (R-N.J.) added that Congress should avoid using using taxpayers' money to fix the problems incurred by mortgage giants Fannie Mae and Freddie Mac.

“If there is any party that is standing up for big banks, it’s the Democrats,” he said.

Leader Hoyer holds weekly pen and pad session

House Majority Leader Steny Hoyer (D-MD) today held his weekly pen and pad session. During the session, Hoyer both reflected upon the progress made by the House of Representatives this week as well as the future bills they are hoping to pass.

Hoyer criticized the “exploding” job market and noted that “whether our economy is in recession or on the brink of it” the financial problems facing our nation need to be quickly corrected. Leader Hoyer said that the passage of President Bush’s stimulus package was “a good first step” to saving the economy, but stressed that more still needs to be done to help those losing homes and spending the money they have received from the package on high gas prices.

Hoyer said that we have to become less dependent on foreign nations who are “holding us hostage” and making record setting profits from oil sales, and that legislation to move our country toward better energy usage is necessary to ensuring future economic prosperity.

Hoyer noted that the surge in Iraq has “not brought about the political reconciliation” that the Iraqi’s need, and that we have to take away government subsidies from oil companies to help taxpayers. Hoyer said that tax money that should be spent on things such as rebuilding infrastructure (in order to do things like create jobs), has been wasted on funding for oil companies.

Hoyer said that presidential candidate Barack Obama’s comments regarding his controversial Reverend, Jeremiah Wright, were “forthright and decisive.” Leader Hoyer explained that voters should be more concerned with putting a democrat in office than the incendiary comments of a troublemaking pastor.

Hoyer highlights economy, war at pen and pad

House Majority Leader Steny Hoyer met with the media this afternoon to discuss recent House proceedings at his regular “pen and pad” briefing.

Topics covered during the briefing were wide-spanning, ranging from the highly debated Colombia free trade agreement, to what the House is doing to improve the sagging American economy. Hoyer mentioned the effects the “significant” testimonies of General Petreaus and U.S. Ambassador to Iraq Ryan Crocker had on Capitol Hill, and emphasized that Congress is doing everything in their power to help fix our country’s financial woes.

Hoyer talked about how he found it imperative we improve our military readiness, should catastrophe arise. When questioned about a second stimulus package, the Majority Leader noted that he did not want to see one passed that was not properly financed.