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Bachus: Senate Republicans Take a Stand for Real Reform


WASHINGTON, Apr 26 -

- Financial Services Committee Ranking Member Spencer Bachus today praised Senate Republicans for voting to ensure the Senate considers real financial reform that will end "too big to fail" and address the root causes of the financial crisis.

"The action taken by Senate Republicans is a step in the right direction to ensure we adopt policies that address the real cause of the crisis and to work toward producing real reform.

"House Republicans were the first to offer that reform when we introduced legislation in July of 2009 that ends taxpayer bailouts, restores market discipline, and keeps the government from picking financial winners and losers.  But Democrats have outright refused to include any of those reforms as they've moved forward with a partisan bill.

"Senate Democrats are taking the wrong approach by refusing to rein in Wall Street or protect taxpayers from endless bailouts.  Just as disturbingly, they are silent on reforming Fannie Mae and Freddie Mac-the two enterprises at the heart of the crisis, which have cost taxpayers $127 billion and put them on the hook for hundreds of billions more. 

"Democrats have relied almost exclusively on empty rhetoric to cover up the fact that their bill actually benefits Wall Street to the detriment of Main Street and American taxpayers.  If Democrats are truly interested in real reform, they will put an end to their empty political rhetoric and agree to work with Republicans on crafting real bipartisan policies."

To view the House Republican financial reform plan click here. 

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