Financial Services are critical to the vitality of our economy. Our businesses and entrepreneurs require access to capital, stable financial markets, and regulatory clarity in order to grow and create jobs.
Unfortunately, federal bailouts and burdensome regulations have created a climate of uncertainty and the volatility of our financial system is a direct consequence of these misguided policies. The Dodd-Frank Act created massive new government bureaucracies that give too much authority to federal regulators. Dodd-Frank should be repealed so we can rein in federal bureaucrats and regulations that pose a threat to our economic recovery.
In the aftermath of the 2008 financial crisis the American people are understandably outraged by the culture of bailouts. It is long past time for there to be an increased level of transparency at the Federal Reserve. I support a full audit of the Federal Reserve System to determine the appropriate disclosure and oversight measures that need to be put in place.
By maintaining stable financial markets that allow startup companies, students, individuals, and small business to get loans, we will lay the groundwork for future economic success. The first step is to get the federal government out of the way. In Congress, I will always work to ensure the federal government does not interfere in areas it doesn’t need to.
For more information concerning my work and views on Financial Services issues, please contact me.
I look forward to hearing from you.
More on Financial Services
Washington, DC – Rep. LaMalfa today supported a measure that extends a wide array of tax credits for American families, students, farms and employers, creating more certainty and decreasing costs for taxpayers. The bill ends a cycle of last minute, retroactive extensions that have inhibited investment and prevented economic growth. Passed on a 318-109 vote, the proposal will now be considered by the Senate.
Washington, DC – Rep. Doug LaMalfa (R-CA) today voted against a borrowing package that increases the national debt without addressing the federal government’s unsustainable borrowing, which amounts to about 40% of each dollar spent. The measure, H.R. 2775, was passed on a 285-144 vote and will now be sent to the President. Rather than set a hard borrowing limit, the bill would pay all debts incurred prior to February 8, 2014, effectively giving the Obama administration free reign to borrow without restraint over the next several months.