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For Immediate Release
Wednesday, June 9, 2010
Contact: Ryan Murphy
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The Fight for Real Financial Reform Continues

Congressman Tom Price (R-GA) issued the following statement as the House and Senate prepare to convene a conference committee to reconcile their two versions of the Democrats’ financial regulation and permanent bailout bill.

“The two versions of this bill contain a lifetime’s worth of proven bad ideas,” said Congressman Price. “Both would create an entire industry of too-big-to-fail firms and leave Washington with an abundance of ways to bail them out with taxpayer money. Both hand more power to the same Washington bureaucracies that were caught sleeping at the switch during the financial crisis. And both will kill jobs and restrict the access to credit Americans need to invest in their futures. Neither version would force Fannie Mae and Freddie Mac to give up their taxpayer bailouts and compete on a level playing field. The Senate bill even threatens to repeat the failure of Fannie and Freddie by paying banks to make risky loans backed by taxpayer dollars.

“Protecting consumers and the economy from a repeat of past failures will require an altogether different approach. No more bailouts. No more socialized risk with privatized rewards. No more too-big-to-fail. Republicans are committed to a new strategy. It’s the approach the American people want. And it’s what we’ll continue to fight for at every opportunity.”

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