Washington
(Jun 11, 2009)
House Republican Leader John Boehner (R-OH) today praised the regulatory reform proposal offered by Financial Services Committee’s Ranking Republican Spencer Bachus (R-AL) and his Committee Republican colleagues:
“Middle-class families are fed up with bailouts paid for by their tax dollars. The plan outlined by Republicans today will lay the foundation for better market discipline and more confidence in our financial system. This common-sense plan will protect investors, consumers, and taxpayers at a time when they need it most, and it puts those who make bad business decisions on notice: taxpayers cannot afford to pick up the tab any longer.
“I thank the Financial Services Committee’s Ranking Republican Spencer Bachus and his GOP colleagues on the Committee for the work they put into crafting this comprehensive regulatory reform proposal. At a time when the Democratic leadership routinely leaves the middle class behind, Republicans are committed to protecting these families from the endless bailouts that have become a fixture in Washington. It’s time to get the government out of the bailout business once and for all, and this regulatory reform package helps pave the way.”
NOTE: Today House Financial Services Committee Republicans – led by Ranking Republican Spencer Bachus, Reps. Scott Garrett (R-NJ), Jeb Hensarling (R-TX), Tom Price (R-GA), Judy Biggert (R-IL), Shelley Moore Capito (R-WV), and Randy Neugebauer (R-TX) – introduced a regulatory reform plan to ensure that (1) the government stops rewarding failure and picking winners and losers; (2) taxpayers are never again asked to pick up the tab for bad bets on Wall Street while some creditors and counterparties of failed firms are made whole; and (3) market discipline is restored so that financial firms will no longer expect the government to rescue them from the consequences of imprudent business decisions.
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