Jeb Hensarling

For the past year this committee's bipartisan Task Force on Terrorism Financing has done excellent work in shedding light on sources of terror financing.

I believe Congress granted IOR for one purpose, and it appears that the Fed is using it for another purpose.

There is a better way forward, which includes renormalizing monetary policy and reforming key aspects of the Federal Reserve.

The Fed cannot escape its share of responsibility in being complicit in 'Obamanomics' because it has lost much of its independence from the Administration.

After almost 8 years of the President's economic policies, he is on track to be the only President in U.S. history not to deliver a single year of at least 3 percent economic growth.

The true unemployment rate stands at almost 10 percent.

May I inquire if the other side has any further speakers before we use all our time?

I am pleased to yield 2 minutes to the gentleman from New Jersey (Mr. Garrett), the chairman of our Capital Markets and Government Sponsored Enterprises Subcommittee.

I am happy to yield 2 minutes to the gentleman from Texas (Mr. Neugebauer) who is chairman of our Financial Institutions and Consumer Credit Subcommittee.

To regularly monitor fixed-income market liquidity and any potential effects that the Volcker rule may have on market liquidity.

With all due respect, Article 1 of the Constitution states, and there is longstanding Supreme Court precedent, that this branch of government has the oversight rule.

I think one of the reasons they are unhappy is too often, they see an Administration that either makes up law, ignores law, or lives above the law, and they see a Congress that they think is helpless or hapless in dealing with that.

That means the President's legacy will be a debt so large that at the end of his budget, we will spend more on debt service annually than what we spend on national defense, Medicaid, education, and transportation infrastructure.

There hasn't been a single year when economic growth has reached 3 percent.

The reality is, since the President was elected and the Fed embarked upon its unprecedented quantitative easing in zero real interest rate policies, working families' paychecks have declined.

Approximately one in six is on food stamps and almost 15 percent live in poverty.

Their net worth has declined. The real unemployment rate continues to hover around 10 percent.

It is fatal conceit to believe that the Fed is capable of micromanaging our economy to some state of economic nirvana.

I want to thank the gentleman from California (Mr. Sherman), who is a very thoughtful member of the House Financial Services Committee. I wish to accept his amendment. I believe it adds greater granularity and specificity on a very…

I am happy to yield the balance of my time to the gentleman from Virginia (Mr. Hurt), the author of title IV of H.R. 1675.

I claim the time in gentle opposition. The Acting CHAIR. The gentleman from Texas is recognized for 5 minutes.

Reclaiming my time. I appreciate the gentleman's pushback, but I am still not going to quite see things his way. I believe that the gentleman from Michigan strikes the proper balance here, particularly at a time when, again, our working…

As persuasive as my friend is from Texas, he wasn't quite persuasive enough. At this particular moment, I continue to oppose the amendment of from the gentleman from Texas. I yield back the balance of my time. The Acting CHAIR. The…

I listened carefully to the gentleman from Minnesota. He makes a number of important points. We have had this discussion previously. I know the gentleman from Minnesota is aware of my commitment that, within the committee, we will have a…

I think the comment period does need to be reopened. It is an important issue. Voices need to be heard. The gentleman from California is now batting a thousand. I am not sure if he has any other amendments. He may be pressing his luck…