U.S. Rep. Aaron Schock said he supports proposed reforms to the Dodd-Frank Act. (Photo courtesy Aaron Schock)
By Eric Stock
BLOOMINGTON - U.S. Rep. Aaron Schock is calling for less regulation on Wall Street.
The Peoria Republican backs House Budget Chairman Paul Ryan's (R-Wisc.) budget proposal which would do away with many regulations in the Dodd-Frank Act, arguing that the financial markets must be fair and transparent.
Schock said the housing meltdown was caused by the government pushing high-risk loans.
"They incentivized the private sector and small banks to do exactly the irresponsible thing which is to go out and find as many people who (have risky credit) and then shift the complete burden onto the federal government, which is what happened," Schock said.
Schock said the added regulations have also burdened banks with higher costs, which they have passed onto customers.
Schock is questioning President Obama's sincerity in willingness to work with Republicans in coming up with budget solutions. After the president met with House Republicans on Wednesday, he ran off to a fundraiser dinner with the non-profit advocacy group Organizing for Action that seeks to gain White House access.
"This is the same building, of course, that is closed to normal taxpayers for tours, but if you're one of the wealthy guys who can cut a check for $500,000, you are guaranteed four sit-down meetings with the president this year," Schock said.
Schock said the president became agitated when asked about the financial problems in his home state of Illinois. Schock stopped short of saying he was running for governor, but did say he is campaigning for new leadership in Springfield.
Eric Stock can be reached at firstname.lastname@example.org.