Washington
(Jul 23, 2009)
House Republican Leader John Boehner (R-OH) today praised the regulatory reform legislation – the
Consumer Protection and Regulatory Enhancement Act – introduced by Financial Services Committee’s Ranking Republican Spencer Bachus (R-AL), his Committee Republican colleagues, and Judiciary Committee Ranking Republican Lamar Smith (R-TX):
“The common-sense plan introduced today will protect investors, consumers, and taxpayers at a time when they need it most. Americans are fed up with taxpayer-funded bailouts, and Republicans are committed to protecting middle-class families from the endless bailouts that have become a fixture in Washington. This Administration – with the help of Democrats who control Congress – continues to pile up mountains of debt on the backs of our children and grandchildren and taxpayers cannot afford to pick up the tab any longer. It’s time to get the government out of the bailout business and stop the reckless spending here in Washington, and this regulatory reform bill will help accomplish that goal.
“Our plan offers a stark contrast to the Democrats’ approach, which adds new layers of government bureaucracy and imposes new regulations that restrict consumers’ access to financial products and services. Under the Democrats’ plan government bureaucrats would decide what is a reasonable product, price, or service. Our plan rejects that approach and instead focuses on bolstering anti-fraud protection efforts, streamlining the hodge-podge of confusing federal agencies, and improving transparency and accountability so that consumers can make informed choices. I thank Rep. Bachus and his GOP colleagues for the work they put into crafting this comprehensive regulatory reform proposal.”
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), Randy Neugebauer (R-TX), and Judiciary Committee Ranking Republican Lamar Smith (R-TX) – introduced regulatory reform legislation 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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