U.S. Senator Jim Bunning today issued the following statement opposing the Democrats' so-called financial reform bill that was approved by the Senate.
"This so-called financial reform bill has no teeth. It ignores the root causes of the recent fiscal crisis and fails to put the necessary handcuffs on key parts of our financial system. The bill doesn't even address some of the most glaring problems that caused the financial crisis, most notably Fannie Mae and Freddie Mac and the flawed monetary policies of the Federal Reserve. In fact, this bill hands more power to the Fed to regulate banks with limited or no accountability. I think that is outrageous. Worst of all, while the primary goal of this bill should be to end bailouts and the idea of "too big to fail', it does just the opposite. It makes too big to fail a permanent feature of our financial system. That is unacceptable."