House Financial Services Chairman Jeb Hensarling said Republicans in Congress are focused on reducing the regulatory burden on community financial institutions.
"But our big problem now is a regulatory burden that is crushing our community financial institutions and thus crushing their clients who are small businesses and entrepreneurs. It's no surprise that under President Obama we have one of the lowest levels of entrepreneurship and small business startups in a generation," he said Wednesday on FOX News.
"That's what House and Senate Republicans want to do, is lower the regulatory burden. And we know you have to grow the economy from Main Street up, not Washington down."
In the State of the Union address, President Obama vowed to veto any efforts to unravel the new rules in the Dodd-Frank Act.
Hensarling said the taxpayer-funded bailout system under Dodd-Frank should be eliminated, referring to the so-called too big to fail banks.
"Most Americans don't want to occupy Wall Street, they just want to quit bailing it out. And so the answer there is to end the Dodd-Frank taxpayer-funded bailouts system, to end this designation of too big to fail institutions, and improve our bankruptcy code to make sure these institutions can be resolved in bankruptcy," he said.
A House Financial Services committee report released by Republican staff in July concluded that Dodd-Frank fails to end too big to fail.
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