U.S. Congressman Marlin Stutzman, a Member of the House Committee on Financial Services, issued the following statement today responding to the decision by the Financial Stability Oversight Council to designate certain non-bank financial firms as "too big to fail:"
"The Financial Stability Oversight Council's "too big to fail' policy is unacceptable. Designating firms as "too big to fail' is deeply flawed policy because it leaves the American taxpayer on the hook for those companies' failure," said Stutzman. "This policy runs contrary to the free market economic policy our country was founded upon and which should serve as the lifeblood for its vitality.
"As a small business owner, I understand the outrage my fellow Hoosiers feel about sending their hard-earned dollars to Washington to pay for corporate failings. The government should not undermine personal responsibility by guaranteeing success for a few big firms. I will continue to work with my colleagues on the House Financial Services Committee to permanently end this policy."
Congressman Stutzman represents the 3rd Congressional District of Indiana and serves on the House Committee on Financial Services. Indiana's 3rd District contains all of Adams, Allen, DeKalb, Huntington, Jay, Lagrange, Noble, Steuben, Wells, and Whitley counties, as well as parts of Blackford and Kosciusko counties.