Pence Calls for Repeal of "Permanent Bailout" Financial Reform

Statement

U.S. Congressman Mike Pence released the following statement today in response to the president's signing of financial reform legislation:

"This financial services reform is nothing more than a permanent bailout of Wall Street that will restrict credit, kill jobs, raise taxes, and expand government control of the private sector. Worse still, it will institutionalize the too-big-to-fail approach that the American people have rejected.

"The federal government is actually the big winner from this measure. Two federal agencies have already said they will add more than 1,500 new government jobs to regulate the private sector. Once again Washington Democrats have pushed an agenda that expands government at the expense of Hoosier families and small business owners.

"About $3.7 trillion in taxpayer dollars have already been spent on bailouts of the financial system, and the American people have said, "No more." We need to repeal this new big government program and replace it with common sense reform that protects taxpayers from bailouts, helps put Hoosiers back to work, and deals with Fannie Mae and Freddie Mac."

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