Congressman Peter Roskam issued the following statement today after the House of Representatives rejected a GOP motion-to-recommit proposal that would have ended the Troubled Assets Relief Program (TARP), and then passed a massive bureaucratic-heavy financial regulatory reform bill:
"Speaker Pelosi's financial overhaul package is a massive bureaucratic overreach that ultimately will mean more jobs lost at a time when our economy can least afford it. The bill's passage is a disappointing turn against helpful regulatory reform, and doubles down on the policies of bailouts, czars, bureaucracy, and spending.
Republicans offered an alternative today, which would have ended the TARP bailout, and required that the unused TARP funds immediately go to paying down our massive federal debt. With our national debt above $12 trillion dollars, we would be far better served by responsible regulatory reform and paying down our huge debt, not more bailouts, bureaucracy and job loss."