Congresswoman Ileana Ros-Lehtinen, a senior member of the Florida Congressional Delegation, will vote against the financial regulatory legislation because the regulatory measures included in it would hurt consumers, continues government bailouts in the future and does little to fix the real problems that caused our financial meltdown.
This legislation will give the Federal Reserve and other regulators sweeping powers to control firms considered "too big to fail," putting unwarranted faith on regulators who were caught totally off guard when the financial crisis struck. This bill would create more risky Fannie and Freddies by designating a firm as being too big to fail and again increase the risk that the taxpayer must take.
Below are some of the problems with this 2,000 plus page bill that costs billions and, it must be noted, has not been made available for study the required 72 hours as leadership had promised.
* The taxpayers are tired of the innumerable taxpayer funded bailouts that have Main Street paying for the bad decisions of Wall Street.
* This bill makes bailouts permanent, creates a $150 billion bailout fund and is a massive job killer.
* It would create a "credit czar" who will dictate which financial products can be available to the American consumer. Just like with health care and energy policy, this credit czar will ration consumer credit and limit individual choice.
* The legislation will greatly expand the powers of the federal government through the creation of another federal agency, the Consumer Financial Protection Agency, which will do everything but protect the consumer.
Said Ros-Lehtinen, "The American people are sick and tired of multi hundred billion dollar bailouts and this legislation, rather than avoid future bailouts, would facilitate them. Congress would create a permanent TARP. This legislation also makes permanent the failed policies of the past and restructures our already fragile American economy placing it firmly within bureaucratic control."