Wednesday
Apr282010
House Republican: Wall Street Debate About “Smart Regulation And Dumb Regulation”
Wednesday, April 28, 2010 at 4:41PM
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.
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.
REINS Act To Transform Washington Business Operations, Davis Says
By Janie Amaya
Rep. Geoff Davis (R-KY) said that passing the REINS Act will restore Congress’ ability to effectively perform oversight and checks and balances over federal regulations.
Davis said passing the act this week can change the way Washington does business by bringing transparency and accountability to elected officials and federal government agencies. Something he said, has been lost over time.
“It’s very simple,” Davis told reporters at a press conference, “When a rule is scored as a major rule- a hundred million dollars or more in cumulative economic impact- instead of being enforced on the American people at the end of the 60-day comment period, it comes back up to Capitol Hill under joint resolution for a stand alone vote in the House, a stand alone vote in the Senate, and then must be signed by the president before it can be enforced on the American people.”
Rep. Jeb Hensarling (R-Texas) who was also at the press conference, said the number one impediment to creating jobs is the regulatory burden.
“There is something fundamentally wrong when a government agency, at a stroke of a pen, can destroy tens of thousands of jobs, or wipe out an entire industry in Ameria,” Hensarling said. “It is time that somebody bring a check and balance into the system.”
“The REINS Act will send a message to America’s jobs creators that we want you to succeed, we want you to invest more, we want you to hire more. We are not indifferent as to that burden.” Hensarling said.