file photo Scott Garrett sinking the crony driven Ex Im bank
Garrett Statement on SIFI Designation Struck Down by Courts
Ridgewood NJ, Rep. Scott Garrett (NJ-05), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, issued the following statement after a federal judge struck down a systemically important financial institution (SIFI) designation by the Financial Stability Oversight Council for the first time ever today.
“FSOC’s ( Financial Stability Oversight Council ) perfect storm of secrecy and intimidation has created a shadow regulatory system that concentrates power in Washington at the expense of hardworking Americans, and I’m pleased to see the judicial branch took a stand for the Constitution with their decision. Now that the courts have spoken, it’s time for Congress to step in and pull back the curtain on FSOC so the American people can see what this secretive body is really up to.”
Garrett has led the call for much-needed transparency and accountability at the FSOC. He is the author of H.R. 3557, the Financial Stability Oversight Council (FSOC) Transparency and Accountability Act. This bill passed the Financial Services Committee in November.
H.R. 3557 would:
- Subject the FSOC to the Government in the Sunshine Act
- Subject the FSOC to the Federal Advisory Committee Act
- At all FSOC meetings, allow for the participation of all members of the Commissions and Boards represented
- Require that any vote taken by the principal of a Commission or Board represented must first be taken by that Commission or Board and the principal must then in turn vote that same decision at the Council
- Allow for Members of Congress on the Congressional oversight committees of FSOC to be able to attend all FSOC meetings
Garrett has made enemies by his unrelenting disapproval of Dodd-Frank which has codified the disastrous “too big to fail” policy and mega Wall Street bail outs . “Garrett says , “the Dodd-Frank Act has stifled economic growth, made it more difficult for Main Street businesses to obtain credit, and increased the likelihood that taxpayers will be on the hook for additional Wall Street bailouts. Most importantly, this law has and has made it harder for Americans to find a job, buy a home, and save money for their family’s future. ” Garrett went on , “Despite creating new bureaucracies that have imposed thousands of pages of rigid, invasive, and unworkable regulations, Dodd-Frank did nothing to reform the mortgage giants Fannie Mae and Freddie Mac, whose actions caused the 2008 financial crisis.
While Garrett’s Democrat challenger Josh Gottheimer is a champion of more big government , more corporate welfare ,and more wall street bailouts.
