Mack: Democratic leadership continues to trample on the free market
Congressman Connie Mack (FL-14) decried passage of legislation in the House of Representatives this evening that will make bailouts permanent, expand the reach of the government into the marketplace, and pick winners and losers in the economy.
The conference report for the financial regulatory reform bill passed in the House tonight by a vote of 237 to 192. The Senate must now vote on the legislation before President Obama can sign it into law.
Mack said:
“The Democratic Leadership continues to push so-called “reform” through Congress that does little more than trample all over the free market. From health care to campaign finance, and now to the financial sector, the Democrats are charging ahead with bigger and more intrusive government.
“The conference report for the financial regulatory reform bill is yet another example of this overreaching power. The legislation will make taxpayer-funded bailouts and risk taking permanent. It will expand government overreach by creating several new federal agencies and giving even more power to the institutions that missed the current financial crisis, such as the Federal Reserve and the SEC. The bill gives the FDIC subjective authority to determine how and when creditors of a failed firm would be paid. It will add new taxes on banks that will be passed on to consumers. And the bill fails to deal with Fannie Mae and Freddie Mac, even though they are a prime reason why we got into this mess in the first place.
“We need to stop the “too-big-to-fail” mentality and start protecting the American taxpayer. This bill does neither.”