Blaine Luetkemeyer: “I thank Chairman Hensarling for his commitment to regulatory relief. We wouldn't be here today if it wasn't for his…”

“I thank Chairman Hensarling for his commitment to regulatory relief. We wouldn't be here today if it wasn't for his diligence and for the hard work of all of the great folks of the Financial Services Committee, on both sides of the aisle. Mr. Speaker, in the wake of the financial crisis the American people needed regulatory relief that would lift the economy. Instead, Congress responded with a framework that increased the cost of financial products, restricted access to loans, and redistributed credit from the middle-income borrowers to the high-income borrowers. Today, too many consumers are left struggling to get the tools they need to achieve financial independence. S. 2155 is a big step in the right direction. The majority of the provisions included in the bill come from bipartisan House-passed measures, several of which wer included in my CLEARR Act. Despite what rhetoric we might hear today, American borrowers are going to benefit from the relief that extends from this bill. However, the conversation cannot end with S. 2155. While the provisions in this legislation are granting important relief, there is so much more to be done. The Financial Services Committee has marked up more than 100 bills this Congress, many of which have the support of the ranking member and deserve to be considered by our colleagues in the Senate.…”