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McHenry: Democrats are Using GameStop to Justify More Regulations, Greater Restrictions

McHenry: Democrats are Using GameStop to Justify More Regulations, Greater Restrictions

March 17, 2021 

Today, the full Committee is holding its second GameStop hearing. While Democrats continue to push progressive priorities—like a harmful financial transaction tax (FTT)—under the guise of “consumer protection,” Republicans want to remove the barriers that limit access to our capital markets and provide more opportunities for everyday investors.

Watch Republican leader Patrick McHenry’s (NC-10) opening remarks here.

Read Republican leader McHenry’s remarks as prepared for delivery:

“Thank you, Madam Chair. 


“I fear a pattern is emerging here.


Regardless of the facts or data, Democrats will use any opportunity to justify their priorities.


“Whatever is in the news, whatever fears people have, exploit it to justify advancing an extreme progressive agenda. 


Simply repackage old, outdated, policy failures with the wrappings of whatever is in the news this week—and sell the American people on the idea that this time it’s different.


“Ask yourself, for example, why is it that in the Biden plan signed into law last week that Congressional Democrats landed on $350 billion in state and local aid when states only had a shortfall of $1.75 billion in revenue?


“That’s like your friend needing $2 and you say, no problem, here’s 350 bucks, will that cover it?


The reality is that Democrats are stuck in their thinking, no matter what the data actually tells us.

“Trust me, that massive spending bill is just the start, and the same thing is going to happen with the infrastructure bill and climate change disclosures.


“And, I fear the same thing is happening today with this GameStop hearing.


Democrats are using GameStop to justify more regulations, greater restrictions, and put more costs onto businesses and everyday investors.


They will say that technology is this new scary thing that is so dangerous that we should use a whole host of new laws and regulations to confront it. 


“But let’s be honest, none of these ideas are “new.” Regardless of facts or what information may be gleaned from conducting oversight or an investigation, Democrats come up with the same old, tired ideas. 


They want more disclosures, more limitations, more fees, more taxes, and more power given to government bureaucrats to tell Americans when, how, and what they can invest in.


“But their ideas come with a track record. We know their agenda creates perverse incentives, bad policy outcomes, and rampant inequality that we have in our capital markets today.


“To repeat a point, I made at last month’s hearing. Because of Democrats’ progressive policies, it is easier for most of America to buy a lottery ticket than to invest in the next Google. 


Because of their regulatory structure, we have the accredited investor definition, which is the DC spin on a regulation that ensures only the rich get to invest in things that make you rich.


“That’s backwards and wrong. Let’s remove these hurdles and move forward. Let’s find a way to work together to harness the power of financial innovation that benefit everyday Americans.

Instead of clamping down on innovation and shutting the American public out of opportunities, let’s stand with the American people who want a better life.


“One final note, I would like to thank the Chair for our recent letter exchange. I would just note that at a minimum we should give members the option to participate in person in hearings like this. Folks have been vaccinated. It’s time that Congress get back to work. 


“The American people expect it from us.


“To that end, I would ask unanimous consent to insert into the record our letter exchange regarding in person and online hearings and markups.


“I yield back.”


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