U.S. Congressman Mike Pence, Chairman of the House Republican Conference, made the following remarks regarding Democrats’ banking regulation legislation at a House Republican leadership press conference this morning:
The American people are tired of runaway federal spending, borrowing and bailouts. The legislation being considered by the Senate, which passed the House, is nothing but a permanent bailout and House Republicans are determined to oppose it. Last week, some Democrats said there wasn’t a permanent bailout in this bill. Other Democrats, by the end of the week, said there was a permanent bailout fund in the bill. This may be one of those instances where the left hand doesn’t know what the left hand is doing.
The truth is, the American people are not deceived here. They see that what’s being passed under the cloak of financial services reform is nothing more than making permanent the Wall Street bailouts that passed, a year and a half ago, in the form of the TARP. House Republicans are determined to bring about financial services reform that begins with ending the era of bailouts. Through bankruptcy code reform and others, protecting consumers without putting taxpayers on a permanent hook for financial institutions who act in a financially irresponsible way.