Congressman Jeb Hensarling joined me this morning to talk “repeal and replace”:
HH: Voice challenged today, but I wanted to come to work, because I wanted to talk to this man, Representative Jeb Hensarling of the 5th District in Congress of Texas. He is the chairman of the House Financial Services Committee, very crucial in the repeal and replacement of Obamacare. Chairman Hensarling, welcome to the Hugh Hewitt Show, I apologize for my voice. I feel fine. I just don’t sound so good.
JH: Well, that was going to be my first question, Hugh. I hope you feel better than you sound.
HH: Yeah, I feel really good. Tell me, Mr. Chairman, last night, the Senate passed the budget resolution, which sets in part in motion the reconciliation process. Now, if it passes the House, and it will, it says by January 27th, you’ve got to come up with repeal and replace. Is Financial Services one of the two committees that will be working on that in the House?
JH: No, it is not. We are working on Obamacare’s brother called Dodd-Frank. And what Obamacare is to family health care, Dodd-Frank is to household finances. So our committee is not specifically involved in the repeal of Obamacare, but as a member of Congress, I’m thrilled to be able to vote for it.
HH: Now which committees do get it, Mr. Chairman?
JH: It would be the Ways and Means Committee and the Energy and Commerce Committee.
HH: All right, now I would assume then reconciliation, part 2, which is the 2018 budget, might indeed deal with Dodd-Frank, because that’s the other killer on the economy. Do you think that’s possible?
JH: Well, I do think it is possible. We can’t quite get to it all, but we can get to a lot of it through this reconciliation process. Now not one in a thousand really understand what that is, but essentially, it means in the Senate you need 51 votes instead of 60 votes to move legislation forward. And so it’s kind of inside baseball on how it can be used, but there are aspects of Dodd-Frank, which frankly, is just really retarding economic growth. It’s hurting households in their credit cards, their checking accounts, their mortgages. Small business lending, Hugh, is at a 25 year low. Entrepreneurship is at a generational low. And Dodd-Frank has a lot to do with that. So we’ve got to do our own version of repeal and replace of Dodd-Frank. A fair amount of it, not all of it, can be done through reconciliation, and we already have the replace bill. It’s called the Financial Choice Act, which stands for creating hope and opportunity for investors, consumers and entrepreneurs, and it will end bank bailouts. It will promote economic liberty and financial independence. It will promote capital formation. It has regulatory relief for struggling community financial institutions. We’re losing one a day due to Dodd-Frank. Good stuff, I might say. Continue Reading