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Blackburn Statement On Financial Reform Bill


Location: Washington, DC

Congressman Marsha Blackburn (TN-7) made the following remarks on the Financial Reform Bill, which the House is expected to vote on tonight. Blackburn intends to vote "No" on final passage of the bill.

"This big government attempt to end the cycle of boom and bust produces a new cycle of fraud and bailout. I oppose this bill because I know the reams of regulation and red tape, the bailout funds, and the new bureaucracies won't do much to prevent another financial crisis. In reality it will make it harder for your Main Street bank to compete with a twisted brew of New York firms and big government bureaucrats. It will begin the decline of community banking and in the process move the world's financial capital from Wall Street to Washington. Most troubling, this bill will make it more difficult for hard working Tennessee families to find the credit they need to start a business, get a home loan, or even open a credit card."

"For all of the new rules and regulations, this bill fails to get to the heart of the financial crisis we find ourselves in. Fannie Mae and Freddie Mac go untouched. Large institutions gambled their investors' dollars on the presumption of a taxpayer guarantee, and that gamble started a crisis in this country. Instead of making it clear that future action could be met with failure, we have given them a permanent bailout fund. This bill holds too few accountable and refuses to touch the institutions at the heart of the crisis. Congress has squandered a bipartisan opportunity to solve the problem with a partisan bill that invites the next meltdown."

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