WASHINGTON D.C. -- Today, U.S. Senator Jim DeMint (R-South Carolina), chairman of the Senate Steering Committee, made the following statement after the President announced new onerous regulations that would give the federal government more control over the American financial markets:

"Once again, the President is trying to solve a problem created by government with more government," said Senator DeMint. "The economy is in crisis because of easy money policies and the government’s use of Fannie Mae and Freddie Mac to encourage banks to give loans to people who couldn't afford them. After failed bailouts and spending over a trillion dollars on a waste-filled stimulus while still losing millions of jobs, it’s time to stop the government takeover of our economy. Americans don't want the economy run like the DMV; they want Washington to stop making things worse. Heavy-handed government regulations won't help millions of unemployed find jobs.  We need to reform the failed government policies that caused this mess and reduce spending and debt so our economy can thrive again."