• COMMENTARY: A New Sheriff In Town? Texas Rep. Jeb Hensarling Takes On Big Gov’t


    Jeb Hensarling is a Republican Congressman from Texas and he’s wading into the deep pool. Somebody has to do it and you know those East Coast Liberal’s and RINO’s won’t do it. Hopefully, Jeb Hensarling is just the cowboy to shoot straight and clean house. Somebodies got to do it because it is High Noon for America. We stand at a precipice.

    What Hensarling is up to may not be as sexy as overturning Roe v. Wade or fighting for Second Amendment rights, but it packs a punch. Ever heard of Dodd-Frank? Remember Barney Frank v. O’Reilly?

    Dodd-Frank changed the rules for banks nationwide…and not for the better. It has been an implementation nightmare that functionally does nothing but add layers of bureaucracy to getting money. Everything is harder than it should be when it comes to borrowing and lending.

    We’ve all had to live with this bloodsucking demon of the night for years. Representative Hensarling might as well be called Van Helsing if he can kill this undead behemoth. He is the only one in DC talking about a fix of the Dodd-Frank debacle. He takes it even further to try to deal with the completely unknown, but just as horrifying piece of legislation…the Volcker Rule.

    What the begeezus is the Volcker Rule?

    Oh nothing…just a 932-page confounding, confusing, and convoluted regulation which hits Main Street businesses right in the teeth. The Volcker Rule is a paradigm for a bureaucratic solution in search of a problem. It severely limits financial institutions’ proprietary trading. 450 financial institutions failed during or as a result of the 2008 financial crisis, but not one was due to proprietary trading. Not one. In fact, financial institutions that varied their revenue streams were better able to weather the storm, keep lending and support job growth. The Volcker Rule is another specter created by politicians that needs eliminated.

    Poof! There goes the “Free Checking”. Thanks a lot Democrats. Thanks to the “Durbin Amendment” Dodd-Frank managed to get even worse. It has killed something loved by every demographic. Bye, bye, Miss American pie and free checking.

    Free checking was formerly offered by 75 percent of banks. By 2012, two years into the Dodd-Frank regime, only 39 percent did so.

    That sad change can be attributed to Democrat, Dick Durbin, and his not so awesome amendment to the already horrible Dodd-Frank legislation. Last week Democrats actually sneered at the prospect that “Free Checking” mattered to Americans. I thought the Democrats loved the poor? For low- income families, the cost of banking is no laughing matter.

    Ever heard of Hydra? I mean the Consumer Financial Protection Bureau(CFPB)? Guess what? They are a huge unaccountable government monstrosity, but they are on our side…it says so right on the front page of their web site, so it must be true. Right?

    Reigning in the CFPB would be a massive victory.

    While Hensarling is slinging lead in the OK or DC Corral he might as well aim for the heart of the FSOC while we’re at it. What is that you may ask?

    The FSOC is the Financial Stability Oversight Council. It’s a wing off the Department of the Treasury, and both FSOC and CFPB operate largely out of public view. Both are subject to virtually no checks and balances.  And both have been granted sweeping, unilateral powers to fundamentally control huge swaths of the U.S. economy. What could go wrong with that?

    Arguably, the CFPB is the single most powerful and least accountable federal agency in our nation’s history. The CFPB and its one unelected director, have almost absolute discretionary power to find any consumer credit product “unfair” or “abusive” and, thus, functionally outlaw it. When it comes to credit cards, auto loans and mortgages of hardworking taxpayers, the CFPB has unbridled power not only to make them less available and more expensive, but to absolutely take them away.

    FSOC is an amalgamation of regulators heading agencies that either helped cause the financial crisis or were largely negligent in preventing it. Dodd-Frank rewards their failures by granting them the most sweeping powers over our capital markets since the New Deal.

    Dodd- Frank allows Federal regulators to unilaterally define vague statutory terms like “systemic risk,” “financial stress,” and “financial stability.” And by doing so, dictate the capital standards, product mix and lending activities of major financial firms within our economy.

    Prepare for doom unless a guy like Hensarling can pull out his six shooter and set things right in DC. It’s now or never for the future of our country.

    S.C. Sherman

    Senior Editor

    Steve Sherman is an author, popular radio commentator, and former Iowa House candidate. His articles have appeared nationally in both print and online for Townhall, Human Events, Clash Daily, Washington Times, Washington Examiner, Red Alert Politics, Forbes, NRATV and others. All of his novels including his most recent tome, Lone Wolf Canyon, a modern day western that infuriates the left and all "Snowflakes," are available here.

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