Statement On The Economy & Financial Markets
WASHINGTON, D.C. -- Republican Whip Eric Cantor (R-VA) today issued the following statement after President Obama spoke in New York City about America's financial markets:
It is important that our financial markets are sound, and it is clear that we need smarter regulation -- not necessarily more regulation. The culture of bailouts must end, 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 again, the housing market is revitalized, and jobs are created.
The President missed an opportunity today to outline an exit strategy from the TARP program. I believe that all returned TARP funds should be used to pay down America's exploding debt instead of new pet projects as some in Congress propose. Finally, the Administration did not give clear indication about their plans for Fannie Mae and Freddie Mac, or provide tangible benchmarks for the return of GM and Chrysler to private ownership.
Since President Obama took office, over three million Americans have lost their jobs, including 2.5 million people since his stimulus took effect. At the time of its passage, the Administration argued that the stimulus would not only halt job loss, but create jobs and get the economy back on track in the short term. That has not occurred, and the President's agenda has failed to create jobs.
Beginning in January, House Republicans laid out a serious and substantive agenda that put jobs first, but unfortunately House Democrats, along with the White House, instead took an unfocused, go it alone' approach that puts too much emphasis on Washington, and too little upon people.