Rep. Hensarling: Dodd-Frank has Failed

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Rep. Hensarling on tornado recovery, GOP legislation

Texas congressman talks health care and tax reform on 'Sunday Morning Futures'

Rep. Jeb Hensarling, R-Texas, said Sunday that the Dodd-Frank legislation should “go away” due to negative effects on Americans.

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“They said it would end too big to fail, but codified it into law ... and then puts taxpayer bailout behind it. They said it would stabilize our financial system ... but big banks are bigger, the small banks are fewer. They said it would help the consumer, but instead, since Dodd-Frank, we've seen free checking cut in half, bank fees go up. Many working people find it far more difficult and expensive to get a mortgage,” he said during an interview with Maria Bartiromo on “Sunday Morning Futures.”

“The bottom line is: Dodd-Frank has failed,” he added.

Hensarling also advocates for a lower corporate tax rate. The Texas congressman said the No. 1 reason why jobs go overseas is due to high corporate taxes. Currently, the U.S. federal corporate tax rate is 35 percent, one of the highest in the world.

“It's not the cheap labor, not that that doesn't play some role. But it’s this very difficult and high rates of taxation on our business enterprises. That's got to stop in order to make America competitive again and, frankly, to make America great again,” he said.