Press Releases

Today, the House took a clear step in restoring its oversight and fiscal control over one regulatory agency. Rep. Loudermilk (R-GA), an outspoken advocate of reining in regulatory agencies and eliminating government waste, stood in support of the Financial Stability Oversight Council Reform Act, a measure which reins in a Dodd-Frank agency that has repeatedly tried to apply excessive red tape to our economy. Rep. Loudermilk issued the following statement on this responsible, cost-saving measure:

“When you remove the chains of government bureaucracy and let the free market work, innovators can innovate, creators can create, and hardworking Americans can prosper. However, our government continues to encroach upon virtually every aspect of our personal lives and our businesses. Created by Dodd Frank, the Financial Stability Oversight Council (FSOC) continues to suppress job creation by adding layers of new regulations without any congressional oversight or accountability.

“With no spending controls, this agency has grown six times larger than it was five years ago, allowing it to inflict excessive regulations, which are harming our job creators. With a mounting $19 trillion national debt, we need to remove regulatory barricades that keep us from having a healthy economy. With the passage of this Act, Congress will have control over the budget of this runaway agency, which will allow businesses and families to have more direct access to needed financial services. It’s time to get America back on track and allow our citizens and businesses to thrive.”

Background
The Financial Stability Oversight Council (FSOC) Reform Act, H.R. 3340, gives Congress power over the Financial Stability Oversight Council’s budget, which increases congressional oversight. It also requires FSOC to make quarterly reports to Congress and ensures that, before any rule or regulation is initiated, the FSOC must give a 90 day public notice and comment period.