Congressman Apologizes To Banks For Waterboarding Them With Dodd-Frank...Literally

We're not saying that Jeb Hensarling got carried away, but...
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Never let it be said that Jeb Hensarling doesn't know how to work a crowd.

The Texas congressman - and chairman of the house financial services committee - addressed the American Bankers Association summit in Washington DC this morning, and he came correct with some major anti-regulation zingers!

Jeb made it crystal clear that he might work in Washington, but his heart is with the banks...

"We will also hold Washington accountable. One way we will do that is by making sure every financial regulation passes a rigorous cost-benefit test. The Ranking Democrat on my committee has called cost-benefit tests ‘dangerous.’ But shouldn’t we know the impact a proposed regulation will have on our economy before it gets implemented? Only in Washington is this called ‘dangerous.’ In my hometown and yours, it’s called common sense."

Strong. Why should Congress just slap politically expedient regulations on banks without exploring the possible adverse net incomes that those rules might impose on institutions of all sizes?

"Dodd-Frank should be called the Obama Financial Control Law because that’s what it is. It stands as a monument to the arrogance and hubris of man in that its answer to incomprehensible complexity and government control is yet more incomprehensible complexity and more government control."

Stronger. It's an election year, so tying Dodd-Frank to the other party in a room full of bankers is not just easy, but cagey and fun. Plus, Hensarling is in the rare Washington position of actually having voted against the legislation that he is criticizing in quasi-religious terms.

"Washington’s regulatory waterboarding is drowning community banks and small businesses and sinking the hopes and dreams of millions of low and middle income Americans."

Stron... Wait. "Waterboarding"?

Damn, Jeb. Even Brian Moynihan probably thinks that's a little strong, and he knows a thing or two about both banking and excruciating torture.

Hensarling: Committee Will Replace Obama Financial Control Law with “Bold and Better” Alternative [financialservices .house.gov]

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