Cantor on Banking Reform, Financial Markets
Republican Whip Eric Cantor (R-VA) today issued the following statement on President Obama's banking regulation and the comprehensive House Republican regulatory reform plan:
"We need smart regulation, not necessarily more regulation. The Administration has placed too much emphasis on government and too little on people. Further empowering the same regulators who presided over the market breakdown is not intelligent. The culture of bailouts must stop, and instead of adding yet another layer to the current patchwork regulatory system, we need to bring stability and security back to the market so credit starts flowing and jobs are created.
"Republicans have offered a better plan to reduce uncertainty and to stop the government from picking winners and losers in the marketplace. We want to see market forces return under a set of smart, focused rules to restore financial security for families across this country. We stand ready and willing to work together so that our capital markets can return to prominence, small businesses can access credit, and America starts creating jobs again."