U.S. Congressman Mike Pence, Chairman of the House Republican Conference, delivered the following remarks today regarding the Democrat regulatory reform plan and the House Republican effort to end the Wall Street bailout – known as the Troubled Asset Relief Program (TARP) – and help reduce the deficit:
I want to begin by commending the Ranking Member of the Financial Services, as well as the distinguished members who are gathered here, who have been so active and so effective on behalf of the American people in this debate.
The American people have had it with borrowing and spending and bailouts, and House Republicans will stand in the next twenty-four hours, four-square with the American people in our opposition to the Democrat plan for financial regulatory reform. The Democrat plan for financial regulatory reform is nothing more than a permanent bailout and a job-killer, and it must be opposed.
I didn’t come to Washington D.C. to expand the size and scope of government. I didn’t come to Washington D.C. to ask hard-working families on Main Street in Muncie, Indiana, to pay for bad decisions made on Wall Street. I opposed the Wall Street bailout under a Republican Administration, and I stand with my colleagues today in opposition to this latest Wall Street bailout coming under the guise of a financial regulatory reform bill.
The Democrats are making permanent the policies of bailouts that have led to record deficits, undermined our economic freedom, and have been rejected by tens of millions of Americans in the last year. The Democratic regulatory reform bill will expand the power of the federal government and further empower Washington bureaucrats over the financial decisions of America’s families and businesses.
Economic freedom means the freedom to succeed and the freedom to fail. House Republicans support financial regulatory reform that brings accountability to Wall Street and that ends the era of taxpayer bailouts.
To that end, in the next twenty-four hours, House Republicans will offer a Motion to Recommit this bill back to its original committee of jurisdiction, with a simple instruction: end the TARP program entirely and use the leftover money to reduce the deficit. We have will an up-or-down vote, on the floor of this Congress, on the subject of bailouts.
The American people know we cannot borrow and spend and bail our way back to a growing economy. House Republicans oppose permanent bailouts. We oppose the Democrats’ effort to enact it and in this cause we are on the side of the American people.
NOTE: To listen to these remarks online, click here.