Jeb Hensarling: “Once again, I thank the gentleman for his comments and for reminding us, yet again, that the narrative that the left has…”

“Once again, I thank the gentleman for his comments and for reminding us, yet again, that the narrative that the left has fostered is a false narrative. Mr. Speaker, we were told that there was this massive deregulation that somehow led to all of these bad mortgages and that the world was blowing up. Yet, as the gentleman from Illinois pointed out, for 10 years, we have had increased regulation. It has increased, I believe, by almost 20 percent more in regulations. You had Sarbanes-Oxley. You had FIRREA. You had FDICIA. We are very good at acronyms in Congress, but we had more and more regulation. It wasn't deregulation that caused the crisis. It was dumb regulation. It was dumb regulation by the government that was incentivizing and cajoling and mandating financial institutions to loan money to people to buy homes that they couldn't afford to keep. {time} 2000 What a tragedy. What a tragedy to put somebody in a home they can't afford to keep. That is the cause. Fannie and Freddie at the epicenter, and the Dodd-Frank bill was totally silent on the issue--totally silent on the issue--and people suffered. People suffered. I still remember my friends on the other side of the aisle said let's roll the dice a little on this affordable housing goal of Fannie and Freddie. Well, the dice got rolled, and the American people lost, and we had the great American financial crisis. Now they are doubling down.…”