Ted Cruz presidential campaign, 2016/Banking policy
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 Ted Cruz |
U.S. Senator (Assumed office: 2013) |
 Republican candidate: |
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This page was current as of the 2016 election.
- Ted Cruz said on November 11, 2015, that he did not believe that the Glass-Steagall Act "drove" the 2008 financial crisis. Instead, he said, "The Fed’s policy destabilizing our money contributed powerfully both to the bubble and collapse.”[2]
- At the fourth Republican primary debate on November 10, 2015, Cruz discussed his position on the Federal Reserve and its role in the economy. He said, "I would not bail them [big banks] out, but instead of adjusting monetary policy according to whims and getting it wrong over and over again and causing booms and busts, what the Fed should be doing is, number one, keeping our money tied to a stable level of gold, and, number two, serving as a lender of last resort. That's what central banks do. So if you have a run on the bank, the Fed can serve as a lender of last resort, but it's not a bailout. It is a loan at higher interest rates. That's how central banks have worked. And I'll point out -- look, we had a gold standard under Bretton Woods, we had it for about 170 years of our nation's history, and enjoyed booming economic growth and lower inflation than we have had with the Fed now. We need to get back to sound money, which helps, in particular, working men and women."[3]
- In July 2015, Cruz introduced S 1804 - Repeal CFPB Act to abolish the Consumer Financial Protection Bureau. He said in a statement, "The agency continues to grow in power and magnitude without any accountability to Congress and the people. The only way to stop this runaway agency is by eliminating it altogether.”[4][5]
- While speaking at CNBC's Delivering Alpha Conference in July 2015, Cruz accused Wall Street of enabling the Dodd-Frank Act, which, he argued, has "killed hundreds and even thousands of small financial institutions." Business Insider reported that Cruz also "maintained that Wall Street didn't deserve a financial crisis bailout."[6]
- In an op-ed that appeared in the National Review during his 2012 Senate campaign, Cruz condemned the impact the Sarbanes-Oxley Act had on the stock market. He wrote, "Today, American businesses spend twice as much complying with needlessly burdensome regulations than they spend on income taxes. Complying with the audit requirements of Sarbanes-Oxley alone costs nearly $100,000 per business per year, a crushing burden for privately held startups seeking to go public. Since Sarbanes-Oxley, new listings on American stock exchanges have plummeted. We should at a minimum exempt small and medium-businesses from the unnecessary audit requirements of Sarbanes-Oxley, to restore an historic pillar of America’s prosperity: access to affordable public capital to expand businesses and create jobs."[7]
Recent news
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See also
Footnotes
- ↑ Politico, "Ted Cruz drops out of presidential race," May 3, 2016
- ↑ The Wall Street Journal, "In New Hampshire, Ted Cruz Keeps Up Attack on Federal Reserve," November 11, 2015
- ↑ The Washington Post, "Who said what and what it meant: The 4th GOP debate, annotated," November 10, 2015
- ↑ The Hill, "Cruz calls for abolishing the Consumer Financial Protection Bureau," July 21, 2015
- ↑ U.S. Senator for Texas, Ted Cruz, "Sen. Cruz and Rep. Ratcliffe Introduce Bill to Abolish the Consumer Financial Protection Bureau," July 21, 2015
- ↑ Business Insider, "Watching Ted Cruz talk to a room full of Wall Streeters is about as awkward as expected," July 15, 2015
- ↑ National Review, "A Growth and Jobs Agenda," accessed March 5, 2015
