Political Quotes

“Mr. Speaker, I rise today to express my profound disappointment that yesterday, the House passed an ill-advised conference report for the financial regulatory reform bill. This legislation will create a permanent bailout fund for financial institutions. It neglects to reform or place any safeguards on two of the main culprits in this ongoing mess, Fannie Mae and Freddie Mac; and the Federal Government guarantees more than $1.7 trillion of their debt. This misguided bill would create a new government bureaucracy providing unelected Federal bureaucrats the power to determine the types and terms offered by financial products. I have severe reservations about such an action, as it will simply serve to make obtaining credit more unavailable. Finally, this act would be paid for in part by redirecting $11 billion in TARP funds. Unspent TARP funds must be used to pay down the national debt. Instead, this Congress is attempting to utilize these moneys for further increased spending at times when Americans continue to struggle to make ends meet. I urge the Senate to vote ``no'' on the conference committee report. ____________________”