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For Immediate Release
Monday, March 15, 2010
Contact: Ryan Murphy
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Price Statement on Dodd Proposal

Congressman Tom Price (R-GA) issued the following statement regarding the proposed financial legislation unveiled today by Senator Chris Dodd (D-CT).

“When it comes to promoting stable economic prosperity, this permanent bailout proposal is bad for business,” said Congressman Price. “In a vibrant economy, well-run companies have room to grow and poorly-run companies are allowed to fail. If this plan becomes law, say goodbye to all of that. This bailout bill gives Washington far-reaching new powers over areas of the economy while ignoring Fannie Mae, Freddie Mac, and the root causes of the financial crisis. The proposed CFPA will create more government regulation while doing very little to actually help consumers. It’s just another illustration of the Democrats’ mantra not to let a good crisis go to waste.”

“Supporters have absurdly argued that this legislation will boost the job market. This is only a jobs bill if you think the golden ticket to economic growth rests in creating new layers of government bureaucracy. The administration’s continuance of bailouts has already made returning to a no-bailout, free-enterprise economy a difficult prospect. Unlike Senator Dodd, House Republicans have a commonsense plan to prevent financial abuse and end the bailout culture once and for all.”

Note: House Republicans have introduced H.R. 3310, a better solution for fixing the problems in our financial system. A full summary of the legislation can be found here.

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