U.S. Rep. Blaine Luetkemeyer (MO-03) released the following statement after President Trump signed two Presidential Memoranda calling for the Treasury Secretary to conduct reviews of the Orderly Liquidation Authority (OLA) and Financial Stability Oversight Council (FSOC) within 180 days.

“The reviews of the Orderly Liquidation Authority and the Financial Stability Oversight Council announced today are victories for American taxpayers and consumers and I applaud President Trump for his leadership on these critical matters,” Luetkemeyer said. “As a former bank examiner, community banker, and Chairman of the Financial Institutions Subcommittee, I have long advocated for eliminating the OLA, because it puts taxpayers on the hook for bailouts, instead of putting private companies on the hook for bankruptcy. For years, I have also introduced legislation to change FSOC’s arbitrary designation processes, which lead to higher costs, fewer services, and less available credit for American consumers. The American people deserve financial independence and I look forward to working with President Trump and my colleagues to help them achieve it.”

Luetkemeyer is a senior member on the House Financial Services Committee and he is the Chairman of the Financial Institutions and Consumer Credit Subcommittee.