"On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Congressman Jeb Hensarling to discuss the TEA Party targeting at the IRS, what it says about this administration, and spying at the DOJ."
Who’s the most conservative House member from Texas?
It’s a spirited competition, given the true-red conservative nature of the Texas Republican congressional delegation.
But, since it’s awards season, the National Journal has just come out with its list of the most conservative (and liberal) members of Congress.
There is no doubt that Hurricane Sandy rendered unspeakable damage to lives and property on our East Coast. It truly represents one of the great natural disasters of recent history. For millions of our fellow citizens, the devastation has been unfathomable. We are a compassionate nation, and that is why this week the House of Representatives is taking up its second Hurricane Sandy relief bill.
WASHINGTON—The House panel that oversees financial issues is getting a new leader: a conservative who could rankle big banks by opposing what he sees as unnecessary federal support for the financial sector.
Rep. Jeb Hensarling, a Republican from Texas, not only wants to abolish government-controlled mortgage-finance giants Fannie Mae and Freddie Mac but also opposes replacing them with a new system of federal support for home loans. He has voiced skepticism of the government's ability to police large financial firms that pose a risk to the financial system.
"We can revive and strengthen the free-enterprise system—the best housing and jobs program known to man," Mr. Hensarling said Wednesday in a statement.
A protégé of former Sen. Phil Gramm's, Mr. Hensarling was named the House Financial Services Committee's chairman on Wednesday. He pledged in his statement to "end the phenomenon of 'too big to fail' and reinstate market discipline."
The 55-year-old congressman's tough talk against bailouts could help the GOP counter its image as too closely tied to the banking industry. Camden Fine, president of the Independent Community Bankers of America, said Mr. Hensarling would be an ally of smaller banks in their push to rein in their bigger rivals.
Still, Mr. Hensarling is likely to push for much of what the banking industry wants on numerous issues, including efforts to roll back pieces of the 2010 Dodd-Frank financial overhaul.
At times, he has sided with larger institutions. Unlike some other lawmakers, he refrained from criticizing J.P. Morgan Chase & Co. after the bank disclosed a giant trading loss during the spring.
"I think we should be very careful about outlawing risk," he said at a hearing on the issue over the summer. Some lawmakers had backed tighter rules on the risky bets banks can take.
Conservatives cheered Mr. Hensarling's ascension. Peter Wallison, a co-director of the American Enterprise Institute's program on financial policy studies, said Mr. Hensarling's focus on the private sector is the "right attitude." A key ally on the financial panel, Rep. Scott Garrett (R., N.J.), called Mr. Hensarling "a strong advocate to make the reform that's necessary."
A representative of big banks struck a more cautious note. "We look forward to working with him and hope he continues to keep an open mind in areas where we don't agree," said Scott Talbott, chief lobbyist for the Financial Services Roundtable, which represents the largest financial firms.
The panel's current chairman, Rep. Spencer Bachus (R., Ala.), was required to vacate his position under party rules. Later this week, House Democrats are expected to select California liberal Maxine Waters to serve as the panel's top Democrat, succeeding retiring Rep. Barney Frank of Massachusetts.
Some Democrats don't expect Mr. Hensarling to seek bipartisan compromises.
"I expect it to be a very doctrinaire, right-wing committee" that doesn't move significant legislation through Congress, said Rep. Brad Miller (D., N.C.), who is retiring after a decade on the committee.
But Mikael Moore, Ms. Waters's chief of staff, said she and Mr. Hensarling have "always had a respectful relationship and I don't see any reason why that would change."
Among Mr. Hensarling's top priorities is tackling what to do with Fannie Mae and Freddie Mac. The two mortgage-finance giants have received $137 billion in government support since they nearly failed in 2008.
Mr. Hensarling has long bucked financial-industry players on the issue, voicing firm opposition to replacing Fannie and Freddie with a new system of federal guarantees for mortgages, arguing that doing so would put taxpayers at risk for another bailout.
The issue has caused tension among Republicans, with several of Mr. Hensarling's GOP colleagues drafting legislation that would establish a mortgage-support system with a government guarantee.
Partly because of these divisions, Republicans haven't been able to advance legislation on Fannie and Freddie in the two years since the party took control of the House. Any efforts to do so will likely face opposition in the Democratic-contro lled Senate and White House.
Mr. Hensarling spent the past two years in the fourth-ranking House Republican leadership post, a job charged with shaping the GOP message. Given those ties, Mr. Hensarling, will be "free to set the agenda with very little hand-holding from the Republican leaders," said Sam Geduldig, a former Republican congressional staffer who is now a lobbyist on financial issues.
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Last night, I was honored to receive the support of the great people of the 5th District for another term with 64.42% of the vote. One of the greatest honors of my life is to serve you and our nation in the House of Representatives. I thank you from the bottom of my heart for giving me this opportunity again with your vote, your financial support, and your time as a volunteer.
Though this national election may not have produced the result I had hoped and prayed for, I firmly believe that our best days are still ahead of us. I remain committed to doing everything I can to restore fiscal responsibility in Washington, protect and preserve the torch of liberty, and continue to fight for faith, family, free enterprise, and freedom.
Thank you for standing with me and with America.
U.S. Congressman (TX-05)
"The Republican running mate has decided to bring Dallas congressman Jeb Hensarling along for the ride."
DENVER, CO - OCTOBER 23: Republican presidential candidate, former Massachusetts Gov. Mitt Romney (L) and his running mate Rep. Paul Ryan (R-WI) (C) walk with Rep. Jeb Hensarling (R-TX) (R) after landing at Denver International Airport on October 23, 2012 in Denver, Colorado. A day after the final Presidential debate, Mitt Romney is campaigning in Nevada and Colorado. (Photo by Justin Sullivan/Getty Images)
"At a time when too many North Texans are stuck choosing between not-great and less-qualified to represent them in Congress, 5th District voters are fortunate to have U.S. Rep. Jeb Hensarling on their ballot."
WASHINGTON—U.S. Congressman Jeb Hensarling, Chairman of the House Republican Conference, released the following statement on Governor Romney’s Selection of Paul Ryan as his running mate.
"There is no one who understands the challenges facing our nation and our economy better than Paul Ryan. Paul has dedicated his professional life to tackling our nation’s debt crisis and saving the American dream for future generations. Paul is one of my dearest friends, and I could not be more excited -- and hopeful for my children's future -- that Governor Romney has selected him as his running mate."
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Two years ago, I was one of 43 members of Congress appointed to the conference committee for the Dodd-Frank financial-reform bill. Along with others, I fought against the legislation and lost.
After an all-night session, Democrats (who then held the House majority) produced a 2,300-page behemoth they touted as a panacea for financial crises. President Obama predicted the bill would "lift our economy," give "certainty to everybody" and end "tax-funded bailouts—period" because it would no longer allow institutions to become "too big to fail."
Two years later, we remain mired in the worst economy in the postwar era, "too big ..."
"I just voted to repeal Obamacare....again. Read my full interview with NewsMax here."
"Yesterday was a bad day for freedom. I respect the Supreme Court’s decision, but I vigorously disagree with its core ruling." Read more
"The news of J.P. Morgan Chase’s recent trading loss has raised the cry of “I told you so” from proponents of the almost 2-year-old Dodd-Frank Act. They say the law’s Volcker rule would have prevented such a loss and that without more regulation, financial institutions will continue to make poor investment decisions." Read more
"House Republican Conference Chairman Jeb Hensarling (Texas) criticized President Obama on Tuesday night for saying House Republicans are holding back job creation, and said Obama and Senate Democrats are the ones refusing to take up dozens of House-passed bills that would spur job creation."
"'With all due respect to the president, I don't think he'd know a jobs bill if he tripped over it,' Hensarling said on Fox News, as reported by the Houston Chronicle."
Watch the video and see the comments here.
Excerpt: "HENSARLING: Well, first, Greta, I don't think there's a president in living memory who has less credibility on the topic of jobs and the economy than Barack Obama. He told the American people if we'd pass his stimulus plan, unemployment would never go beyond 8 percent, and in fact, it would be 6 percent now. And as you well know, we've had 38 straight months of 8 percent-plus unemployment, the worst record since the Great Depression!"
Congressman Hensarling’s appearance on CNN in response to the President’s budget.
Congressman Hensarling’s latest op-ed about how the Dodd-Frank Act didn’t attack the right issue in the housing crisis.
(Reuters) - The House of Representatives voted on Wednesday to repeal a provision of President Barack Obama's healthcare overhaul setting up a home-care program for the elderly and disabled that regulators said was unworkable...