On the recordJune 14, 2011
I thank the gentleman from Nebraska. I just want to say I find it incredible that I'm hearing people say that the fault of the Wall Street meltdown was because of the CFTC's not doing its job. I cannot believe that the meltdown and the financial situation is now being attributed to the CFTC and, to avoid it, we have to put in more money for the CFTC. I voted against the Wall Street bailout. The President of the United States voted for it as a Senator, and again as President he wanted part two of it. So I'm not buying that the Wall Street bailout--AIG was mentioned earlier. That was done by the Fed. The Bear Stearns bailout, that was done by the Fed. The bailout of Fannie Mae and Freddie Mac, that was done by the House Democrats. So I don't need to be sitting here listening to people preach to me about bailouts and that the solution to lower gas prices is to fund a bureaucracy. It's a group that has been averaging about four regulations a year and between now and late summer 34 regulations. I understand that those in the Big Government circles of Washington love more regulations, more government growth; but to say to the taxpayers that funding CFTC at a higher, unprecedented level is going to avoid the need for bailouts is ridiculous. And, again, Mr. Chairman, I'm somebody who has consistently voted against these bailouts and these stimulus programs. I don't believe that government is the answer. I think the market still has the answer. I did not support the Dodd-Frank bill.…
