As for Washington’s own spending habits, he said the Obama administration was involved in “a spending spree” — “where we are borrowing the money from China and are sending the bill to our children and grandchildren.”
Hensarling said the nation needed more economic growth and lower tax rates to get greater tax revenues. He said Washington needed to “reduce the red-tape,” as evidenced in the thousands of pages of regulations in the Dodd-Frank Wall Street Reform and Consumer Protection Act (commonly referred to as the “Dodd-Frank”) — a compendium of federal regulations affecting financial institutions and their customers.
The Obama administration passed the act in 2010 in an attempt to avoid events that led to the 2008 financial crisis.
“We are drowning in federal regulation and red tape today,” he said, adding this discourages small businesses.
Hensarling said he wanted to pass the REINS Act (Regulations from the Executive in Need of Scrutiny), requiring “Congress proactively to vote on rules that have a major impact on the economy.”
Historically, Hensarling said people came to America for economic, religious and political freedom. He said while such freedoms were being threatened under the current administration, he was encouraged that people — such as those present at Tuesday’s meeting — still cared enough to want to “take your country back.”
The meeting was held in the Ben E. Keith Community Room in Palestine, located at 2019 W. Oak St.