Robert Hurt Statement on Treasury Secretary Lew's Appearance Before Financial Services Committee

Statement

Congressman Robert Hurt (R-Virginia) released the following statement after a Financial Services Committee hearing with Secretary of the U.S. Department of the Treasury Jacob Lew on the Annual Report of the Financial Stability Oversight Council (FSOC):

"I appreciate Secretary Lew's testimony before the Financial Services Committee today on the Financial Stability Oversight Council. The Federal Reserve Bank of Richmond recently reported that 60 percent of the financial system's liabilities are backed by taxpayers. This report directly contradicts claims by Secretary Lew and the Administration that the Dodd-Frank Act ended "too big to fail' -- a stated objective of the Dodd-Frank Act - and that American taxpayers will never again have to foot the bill for bailouts. FSOC's designation process continues to put hardworking taxpayers at risk for having to bailout the financial institutions it labels as "too big to fail.' I look forward to continuing to work with my colleagues on the Financial Services Committee to promote policies that reform the regulatory approach of the FSOC and prevent the American people from being saddled with additional taxpayer-funded bailouts."

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