Washington, DC – U.S. Representative Judy Biggert (R-IL-13th) today issued the following statement following House passage of H.R. 4173, the Democrat Financial Overhaul or TARP II.  Biggert voted against the bill, which passed by a vote of 223 to 202.
 
            “Once again House leaders have closed their eyes to better ideas, and forced through the House a deeply flawed bill that threatens to undermine consumer interests and further weaken the financial health of American job-creators. 
 
            “This bill would permanently entrench the federal government -- and taxpayers -- in the very position we have worked to get out of since the beginning of this economic crisis.  It permanently codifies federal authority to bail out those financial institutions Washington bureaucrats deem ‘too-big-to-fail,’ guaranteeing that taxpayers will be left holding the bag after the next financial mess.  And it creates a massive new agency to pick and choose the products and services available to consumers, punishing even small and community businesses for the mistakes and failures of Wall Street.  
 
            “Taxpayer bailouts like TARP should not become the model for Congress to regulate the entire financial industry.  We should fight fraud and empower consumers -- not create more of the same regulatory costs, confusion, and cracks that precipitated this mess.  As the Senate considers its own approach to reform, I will continue to advocate better ideas that will fix the gaps in our system, protect consumers, and preserve the spirit of innovation, free competition, and flexibility that has always made American markets the envy of the world.”

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