U.S. Representative John Boozman (R-AR) today voted against financial regulatory reform that creates a permanent TARP-like bailout authority.
The thousand plus page piece of legislation allows the Treasury Department and Federal Reserve to throw taxpayer-funded lifelines to the creditors of failed Wall Street firms similar to authority used by the government agencies during the recent financial market turmoil.
"This 1300 page bill is nothing more than a government takeover of our financial institutions. The legislation undermines the free market principals and puts it in the hands of Washington. I believe that we need to end taxpayer funded bailouts, not establish permanent bailout authority. This is bad policy that allows the government to spare financial firms from the consequences of their mistakes by imposing those costs on others, including the taxpayers. Instead of commonsense reform, Congressman Barney Frank has managed to complicate and federalize, in only a way that he could, many aspects of our banking and financial institutions," Boozman said.
Boozman supported an alternative bill to modernize our financial regulatory structure, end bailouts, enhance consumer protection, rein in and audit the Federal Reserve, and protect taxpayers.