Congressman Marsha Blackburn (TN-7) today voted no on H.R. 4173, known as "TARP II", a bill that allows for the perpetual bailout of Wall Street firms while adding yet another layer of regulation on small business.
By instituting new bureaucracies, like the Consumer Financial Protection Agency, and piling further regulations on small businesses, TARP II will significantly hamper job creation. While the bill does grant regulators authority over the salaries of employees at all levels of financial firms, it does nothing to address the problems at Fannie Mae and Freddie Mac that sparked the housing collapse.
"This year the House has overspent and over regulated," Congressman Blackburn said after the vote. "What the House Leadership has failed to do is solve the problem. Unemployment is staggeringly high and yet the Leadership moves to restrict the growth of small business. The debt is at historic levels and yet the Speaker and her allies continue to spend more and more. It is time we take another path, free businesses to create jobs and begin to settle the crippling debt we have piled on the next generation."