House Republicans came out in full force last night against the Democrats' financial reform bill. Many assert the bill, which passed last night, will kill jobs, fund permanant bailouts and push the economy into further jeopardy. See excerpts of several responses to the bill below:
Rep. Judy Biggert (IL): I thought its purpose was to rein in Wall Street and end the abuses that precipitated the most massive financial melt-down and economic downturn since the Great Depression. Its purpose is to make Wall Street pay for the abuses – not Main Street.
Rep. Paul Broun, M.D. (GA): ...liberals spent 2,000 pages expanding the reach of the federal government, codifying bailouts, restricting access to capital, and protecting Wall Street over Main Street. Liberals refusal to end bailouts and reform these mortgage giants refutes any claims that this bill is about ‘reform.’
Rep. Blaine Luetkemeyer (MO): The government has a poor record of managing hard-earned taxpayer dollars, which is why I could not support a bill that actually gives the government even more control of people’s money and continues the reckless meddling of government in our free market system.
Rep. Roy Blunt (MO): This bill is another heavy-handed government intrusion which will cost jobs at the very time we should be working to create jobs,
Rep. Scott Garrett (NJ): The American people are delivering a strong message to those of us in Washington willing to listen. They want less failed government overreach into their lives and into our economy and they want more opportunities to work and provide for their families, without pushing our country into greater debt. Unfortunately, this bill fails on all accounts.
Rep. Ed Whitfield (KY): While we are all committed to increasing transparency on Wall Street and preventing another financial meltdown, the last thing we should be doing in the midst of an economic recession is furthering government interference in the free market.