Congressman Tom Price (R-GA) issued the following statement after the Senate passed the Dodd-Frank Permanent Bailout bill which Democrats crafted under the guise of financial “reform.” The bill will now become law when signed by President Obama.

“As a physician, I fought against the passage of ObamaCare because it will have a terrible impact on Americans’ access to quality and affordable care and will give the Federal government control over one-sixth of the American economy,” said Congressman Price. “Sadly, the Dodd-Frank permanent bailout bill will go even further by politicizing America’s entire economy. Far from reforming Wall Street, Dodd-Frank creates incentives for financial firms to grow even bigger and take even more reckless risks. Anyone who claims this bill ends bailouts and too-big-to-fail is simply wrong. Washington will now have broad, permanent authority to bailout failing companies with taxpayer money. And Fannie Mae and Freddie Mac, the insolvent entities still benefiting from the biggest taxpayer bailout of all, are not even addressed.

“The real pain caused by this bill will be felt on Main Street. Ordinary companies will now face much higher costs if they try to hedge against common business risks like rising energy prices. And the new agency supposedly charged with protecting consumers will actually make even credit-worthy families and businesses unable to access the credit they need to invest in their futures.

“Dodd-Frank would not have prevented the current financial crisis, and it will not stop the next one. This is not financial reform. House Republicans introduced a plan over a year ago to fix the financial sector with common sense reforms aimed at the actual root causes of the crisis. Democrats instead chose to give Washington unprecedented control over Americans’ economic choices while ensuring the practice of taxpayer bailouts continues uninterrupted.”