Jeb Hensarling: “I thank my friend and my fellow Texan for his comments and the perspective that he brings as somebody who has actually…”

“I thank my friend and my fellow Texan for his comments and the perspective that he brings as somebody who has actually successfully created jobs in the Lone Star State. He can look around at the customers of his business and to his employees and see how they have lost their prosperity. Mr. Speaker, we were told that when Dodd-Frank was passed that it would lift the economy. They had a great celebration and signing ceremony at the White House. It would lift the economy. Well, so what do we discover 5 years later? What we discover is an economy that is limping along at 2 percent. And that is not just some vague statistic. That translates into millions of Americans who remain underemployed and unemployed in America. If you ask the people who create the jobs what is the great challenge, one of the great challenges is this regulatory burden. The question is not so much regulation or deregulation; the question is whether we are going to have smart regulation or dumb regulation. Dumb regulation hurts low- and moderate-income Americans who are just trying to climb the ladder of success, who are seeking economic opportunity. Had we just had the average recovery--the average recovery, Mr. Speaker--we would have 12.1 million more jobs in America today. The average working family would have an extra $12,000 of income to take home in their pocket. That is just if we had the average recovery as opposed to this Obama recovery based upon Dodd-Frank as one of its pillars.…”