This year, I and my colleagues on the Financial Services Committee have prioritized common sense solutions to help restore economic security to America.

 We have worked to end the Wall Street bailouts that have cost billions of taxpayer dollars. We have written seven bills to protect taxpayers, by ending the bailout of Fannie Mae and Freddie Mac – the leading cause of the 2008 financial collapse. Additionally, we’ve worked to install spending controls and stop the Administration from exponentially expanding government. Enough is enough!

The simple truth is, in the last year, the Administration has passed 400 new rules – two per business day – issued by 10 different government agencies. An entirely new agency was created, run by a single unelected “czar,” authorized to make decisions impacting our entire economy with nearly no oversight or accountability.

All of this will cost taxpayers more than $1.25 billion, plus $3 billion over 5 years just to pay the 2,800 new bureaucrats needed to execute these rules. With government debt at $14 trillion, is that how you want even more of your taxpayer dollars spent? Not me, and I don’t want that for my children or grandchildren, either.

We’ve already started to feel the consequences: small businesses have stopped investing in America’s economy. You’ve probably noticed the new fees banks have passed on to their consumers. The uncertainty these rules have created has hurt hiring. Worse, it still doesn’t address the true problems with our financial system.

Once again, the administration has proven that it’s the private sector, not the public, that creates jobs. This uncertainty is exactly what the Financial Services Committee and I are working to correct. We need to listen to and respect the hard-working taxpayers who are footing the government’s bill. It’s our responsibility to ensure economic security for America.

The Financial Services Committee has already offered real solutions to counter the administration’s ploy to expand government. These common sense solutions phases out taxpayer support for Fannie and Freddie, keeps taxpayers off the hook, holds the Federal Housing Authority and the Federal Reserve accountable, replaces the “czar” with a reasonable board, and limits the scope of unelected government agencies.

When the government gets out of the way of business and offers a realistic approach to supporting a strong, healthy economy, we can begin to restore peace of mind to families and companies across America.