U.S. Congressman Mike Pence, Chairman of the House Republican Conference, made the following statement today on the president’s remarks addressing financial regulatory reform:
For more than a year hard-working families have been forced to bailout the bad decisions of Wall Street and the failed policies of the federal government. The American people have had enough with the bailout mania that has come to consume Washington. Unfortunately, the president’s plan for regulatory reform protects the status-quo, ensuring American taxpayers continue to be the lender of last resort. Instead of providing taxpayers with an exit strategy for the government’s involvement on Wall Street, the president proposes more of the same. This is unacceptable to the American people.
The best medicine to fix our broken financial sector are strong doses of transparency, accountability and personal responsibility. I am proud to support a Republican alternative to the president’s plan, one that ends the mania of bailouts, prevents the government from picking winners and losers, and that puts personal responsibility back into our markets. The president should abandon his plan to preserve the status-quo, and work with House Republicans on a real solution for financial regulatory reform that the American people deserve.