Randy's Roundup: Terrorism in Tennessee

Statement

Terrorism in Tennessee

I am deeply saddened and concerned by the attack on our service members in Chattanooga, Tennessee. While investigators are still working to discover the motive behind this heinous attack, we all know our nation continues to fight a global war on terrorism. We must remain vigilant as ISIS and other groups continue to seek to radicalize Americans and attack us at home and abroad. Our servicemen and women should be allowed to carry firearms on base to protect themselves and others. This is common sense and we must remain on the offensive to keep America and our servicemen and women safe. Dana and I send our thoughts and prayers to all those who lost loved ones, and we are forever grateful for their sacrifice to our nation.

Planned Parenthood Video

I am horrified by the undercover video revealing a senior director at Planned Parenthood discussing the sale of fetal body parts. This video is outrageous and awful, but sadly represents the likely truth of what is happening. Nothing is more important than protecting our children and unborn children. This is why I continue to fight to keep Planned Parenthood out of our schools and stop the funding stream of federal dollars to this organization. I am outraged and I have joined my colleagues in calling for a full investigation and I will continue to lead the fight to protect the sanctity of life.

The Iran Nuclear Deal

Last week, the Obama Administration announced a nuclear deal with Iran. Throughout the nuclear negotiations with the Iranian regime, I have been concerned that the Obama Administration was so focused on what a deal would mean for President Obama's legacy, that we could end up with a bad deal just to get one at all. I believe this deal will jeopardize the safety and security of the American people, Israel, and all our friends around the world. The Obama Administration traded sanctions--which were working--for sanctions relief and a flexible timetable that would allow the Iranian regime to develop nuclear weapons and spark an arms race in the Middle East. These are unimaginable and dangerous concessions to a sponsor of terrorism that continues to hold Americans hostage. So what are the next steps? Congress has 60 days to review this deal. If Congress sends a disapproval resolution to the President, he would then have 12 days to veto it and Congress would then have 10 days from there to override that veto. This is a bad deal and I'm committed to working with my colleagues to overcome the President's veto threat.

Dodd-Frank 5-Year Anniversary

As Chairman of the Financial Institutions and Consumer Credit Subcommittee, my focus continues to be on jobs and growing our economy for all. Tomorrow marks the 5-year anniversary of the Dodd-Frank Act, one of the largest job-crushing bills to come out of Washington in a long time. With over 400+ regulations and 2,000+ pages, this comprehensive bill is much like Obamacare but for our entire economy. And much like Obamacare, it has been a real failure for individuals and families across America. Instead of responsibly studying the causes of the financial crisis, Democrats in Washington rushed to regulate and threw a blanket over our entire financial sector. There have been many unintended consequences and the regulations designed for Wall Street have descended upon Main Street and the 19th District of Texas--stifling opportunity and economic growth.

In Texas, there are 115 fewer community banks since the implementation of Dodd-Frank. 60 percent of all business loans under $1 million are issued by community banks and credit unions, so this has had real negative consequences for all of our job creators. The Congressional Budget Office and Government Accountability Office have both estimated that Dodd-Frank has cost $3 billion to implement and will take out $27 billion from the economy. Some of the most misguided regulations have come out of the Consumer Financial Protection Bureau. While laudable in name, the CFPB continues to push out regulations that decrease consumer choice, increase the cost of credit, and decrease credit availability. Many of these problems stem from its flawed governance structure. The Bureau is run by a single director and issues regulations with little input from small businesses or those with differing views. To increase transparency and accountability, I have introduced the Financial Product Safety Commission Act of 2015 (H.R. 1266) to replace the director with a bipartisan five-person commission. This change will ensure the Bureau is better protected from the effects of shifting political winds and can focus on ensuring a robust and safe consumer finance market. Fixing a flawed law as big as Dodd-Frank will not happen overnight, but these are the kinds of changes required to better protect consumers and grow our economy.

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