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Hensarling statement as delivered

http://www.youtube.com/watch?v=CiSsO5iV_Jo

Congressman Jeb Hensarling is the top Republican on the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, and a member of the National Commission on Fiscal Responsibility and Reform.

Hensarling statement:

Basel III is an important topic going forward.  Having read your testimony, I will take the infrequent occasion to agree with the Secretary that the system of capital and liquidity requirements were a major contributor to the crisis.  Clearly, capital standards were not applied consistently around the world leading up to this crisis.  This, of course, begs the question then why did the Dodd-Frank bill go on to set up price controls, bailout mechanisms, product banning authorities, etc. 

Nevertheless, today, the American people aren’t asking about Basel III to be implemented in 2013.  They are asking where are the jobs today?  Why has unemployment continued to hover around 10 percent for almost the entirety of the 2 years of the Obama Administration?  They’re asking after America’s first and second $1+ trillion budget deficits and the largest debt in American history when will the fiscal madness stop?  When will this President and this Congress finally take their foot off the spending accelerator and apply it to the brake as they drive off us down the road to national bankruptcy?

Fundamentally, this economy does not suffer from a lack of capital.  It suffers from a lack of confidence. 

Between the health care bill, the tax increases, the financial regulation bill, cap and trade, and our mindboggling debt – job creators are mired in uncertainty and feel nothing but hostility from this President and this Congress.

I am hopeful that the Secretary will address these topics during this hearing, and look forward to hearing response.

Statement as drafted ends