Bachmann Votes to Audit the Federal Reserve and Against the Democrats' Wall Street Bailout

Statement

Today, U.S. Representative Michele Bachmann voted against the Dodd-Frank conference report on financial regulatory reform that perpetuates bailouts and the "too big to fail" mind set. She released the following statement after final passage of the bill in the House:

"Clearly, reforms need to be made to our financial regulatory system, but unfortunately the bill the Democrats passed bears a striking resemblance to the health care bill passed three months ago in that it's 2,000 pages of bureaucracy in which the people who wrote it don't even know what's in it.

"If you want to be serious about financial regulatory reform, you've got to be willing to address Fannie Mae and Freddie Mac, two entities who were the driving force behind our economic downturn these past couple of years. But this bill does nothing of the sort. I can not support a bill that perpetuates a too big to fail mentality, raises taxes, kills jobs, and gives government bureaucrats more power to pick winners and losers. After all, Congress is here to protect the taxpayers and not Wall Street."

Leading up to the final vote on financial reform, Rep. Bachmann sided with the taxpayer by voting to audit the Federal Reserve and bring more transparency to our financial institutions.

"Taxpayers want to know what the Federal Reserve is doing with their money. That's why I voted for a motion that would require a full audit of the Fed by the Government Accountability Office (GAO)," said Rep. Bachmann.

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