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Bachus: Democrats Vote to Perpetuate Bailouts, Reject Sound Reform to Provide Transparency and Save American Jobs


WASHINGTON, Jun 30 -

"As I said earlier, those who voted today to bail out the big Wall Street firms, or loan them money when they get in trouble, shouldn't expect the voters to bail them out come November."

June 30, 2010

- Financial Services Committee Ranking Member Spencer Bachus today released the following statement as House Democrats voted to perpetuate the bailouts and reject the Republican Motion to Recommit to H.R. 4173 that would ensure a robust and comprehensive audit of the Federal Reserve and address a small but significant job-killing measure.

"The American people are sick and tired of back room deals and secret manipulations of the economy to benefit political cronies at the expense of taxpayers.

"The voters and taxpayers are demanding transparency and accountability and they will not be pacified with false promises or misdirection.  Calling a bank tax an ‘assessment' fools no one, and anyone expecting voters to be distracted will experience the fruits of this folly at the polls.

"Taxpayers want to see for themselves what their government is doing with their money.  And that includes specifically the Federal Reserve, an institution that has unfettered powers and whose colossal errors of judgment were a crucial cause of the financial crisis.

"Additionally, several items in the conference report will impact companies' ability to create jobs. Specifically, in the derivatives title the lack of an end user exemption for commercial companies will pull an estimated one trillion dollars of resources from job creation and investment.

"In essence, responsible American companies will be penalized for running a business in a safe and sound manner.  Chairman Frank tried to insert an amendment in the House bill last December which would have explicitly allowed regulators to set margin requirements for end-users. It failed overwhelmingly, by a vote of 150 to 280. 

"As I said earlier, those who voted today to bail out the big Wall Street firms or loan them money when they get in trouble, shouldn't expect the voters to bail them out come November."

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