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Public Statements

Rokita Readings

Statement

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A clickable offering of books and articles that I've read recently and highly recommend, as we strive together to "Keep the Republic."

In the wake of the 2008 financial collapse, the role of regulation of our financial markets has been a widely discussed matter. Many have expressed widely diverging opinions about the operation of our financial markets and the role that the government should play in them.

I am no stranger to monitoring and regulating financial matters. As Indiana Secretary of State for eight years, part of my responsibility was security and investment regulations, as well as ensuring the prosecution of those who violated Indiana laws and defrauded Hoosiers. Through that time, it was clear that there is a proper role for government regulation, but it must be limited and not burdensome to economic growth. My motto then and now is: the regulatory regime has got to be one where we can go after the "bad apples" in laser-like fashion, while leaving the good ones alone to thrive

House Republican Conference Chairman Jeb Hensarling, in a recent column for the Wall Street Journal titled "Dodd-Frank's Unhappy Anniversary," offered a thoughtful analysis of the impact of too much regulation. Hensarling makes the case, and I concur with his critique, that not only was the Dodd-Frank financial reform burdensome and a terrible knee-jerk reaction to our financial troubles, but the issues the bill attempted to address were not really the root cause of the crash. As he wrote in the piece, "Federal regulations were not the solution to the crisis but its principal cause."

One example is the housing market, which was artificially inflated by federal government mandates and played a central role in the economic bubble and subsequent collapse. Yet under Dodd-Frank, the systemic risk posed by government-sponsored mortgage enterprises remains, along with a permanent safety net for financial institutions the federal government deems "too big to fail." Despite all evidence to the contrary, certain folks in Washington refuse to acknowledge that when unencumbered by overly burdensome government regulations and mandates, free markets work.

Thank you for your continued interest in Congress and for supporting my efforts in Washington. Take care.

Sincerely,

Todd Rokita


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