Today, Congressman J. Gresham Barrett (SC-03) voted against H.R. 4173, the Wall Street Reform and Consumer Protection Act of 2009. Barrett released the following statement after the vote:
"I voted against H.R. 4173 because this bill will destroy jobs and hinder economic growth by creating additional costs and burdens for our American businesses and consumers. With our nation's unemployment rate still above 10 percent, this is the last thing that we need.
"Some of the most troubling provisions in this bill include the creation of a permanent bailout fund, a dramatic expansion of the powers of the Federal Reserve and the imposition of massive new taxes that will ultimately be passed on to the consumer.
"Instead of responsibly addressing the actual causes that led to financial turmoil, the Democratic majority has chosen to create new, costly government agencies and place onerous and unprecedented regulations on the financial industry.
"Supporters of this bill say it will give added protection to consumers and businesses. However, real consumer protection focuses on consumer choice, competitive markets and production innovation--not growing government, rationing credit or imposing more taxes on consumers and small businesses."