Washington, DC – Rep. Tom Price (GA-06-R) issued the following statement after participating in a Financial Services Committee hearing entitled, “Regulatory Restructuring and Reform of the Financial System.”

“The current credit crunch has extended to every area of our economic system and demands a solution,” said Rep. Price. “But, the actions taken so far are truly unprecedented – direct federal intervention in individual mortgages, broad overreach by the Federal Reserve, unlimited use of taxpayer dollars, and steps to nationalize banks. This is a concerning step toward the mistaken notion that problems can be best solved by centralized decision-making in Washington.

“This situation deserves a closer look and a more robust solution. To have a full understanding of the financial services regulatory state, there must be an investigation of all facets, including the role of GSEs in the financial meltdown and what role government intervention contributed to or distorted markets.

“Moving ahead, Congress must be sensible. Our goals should be to eliminate previous destructive regulatory actions, close gaps in the regulatory framework, increase transparency, and enhance market integrity and innovation. Ultimately, our solution must be rooted in the facts of the problem, not the theatrics of politics, so we can promote economic growth, not hinder future prosperity.”