U.S. Rep. Jeb Hensarling, representing counties in Texas' fifth congressional district, told members of the community who turned out for a town hall meeting Tuesday that Washington needed to lower regulations and increase accountability.
Over topics that were discussed, Hensarling emphasized a need for oversight in Washington and the Obama administration with agencies such as the Consumer Financial Protection Bureau (CFSB) and the Federal Reserve.
“I think we have a federal government that has grown too large, too powerful, too intrusive, too nosy, too expensive, too wasteful, and it is encroaching upon the freedoms and prosperity of we the people,” Hensarling said. “Now we have this growing army of federal bureaucrats, and they’re not all bad, but the system is bad to where essentially, lawmaking has been turned over from the relatively accountable and elected to the pretty well unaccountable and unelected.”
Hensarling said this is bad news.
“We are seeing an erosion of the traditional checks and balances that were enshrined within our Constitution.”
As chairman on the House Financial Services Committee, Hensarling said he'd observed some of these issues firsthand — for instance, a divide between two economies: the “Washington insider economy and the Main Street competitive economy.”
“I’m here to support the Main Street competitive economy,” he said, grounded in free capitalism, hard work and merit.
At the moment, Hensarling said he is in a battle to get rid of the Export-Import Bank of the United States (Ex-Im Bank) “which is a bank that is owned by you the taxpayers.”
The Ex-Im Bank, a self-sustaining export credit agency, was established by former President Franklin Roosevelt as a chartered government corporation.
“It’s been around since FDR, and some people call it the ‘bank of Boeing,’ because half of their commitments — they give out loan guarantees, direct loans, credit insurance — half of their liabilities go to the aircraft industry, and they’re basically committing your funds to pay people like the United Arab Emirates to buy Boeing aircraft,” Hensarling said.