On the recordMay 10, 2012
The Financial Committee's work on this reconciliation package saves more than $35 billion. But more importantly, it does what 2,300 pages of Dodd-Frank, 400 new regulations, over 2,000 newly hired Federal regulators, many them living in my Maryland colleague's district, and more than $24 million worth of compliance work required of America's companies, at the cost of $100 billion, don't: it ends the bailouts. A bailout fund doesn't end the bailout; it guarantees them. We're telling the big banks what my Democratic colleagues didn't want to tell them: if they make risky bets and make bad decisions, they're on the hook, not the taxpayers. No more privatizing the profits, no more socializing the losses. In short, no more bailouts, period.
