Kevin Roberts: “I appreciate that. Over the past 2 years, Americans have seen an unprecedented government reach into the private sector…”

“I appreciate that. Over the past 2 years, Americans have seen an unprecedented government reach into the private sector, some of which may be necessary. They are angry about it, as they should be. For many, the overreach of government began with the bank bailout or TARP. The $700 billion TARP that I opposed was passed in the fall of 2008 when every day we awoke to see a new financial crisis headlining the front page. TARP was initially intended to purchase troubled assets and get them off the books of the troubled banks. Yet, over time, the program evolved into a fund--some would call it a slush fund--to include bailouts for the auto industry and the housing market. The term ``bailout'' will never be the same again. I think the American people are right to demand that they are never again put on the hook to bail out a failed company. They are right to demand that those who got us into the financial mess not be allowed to do so again. Unfortunately, the financial regulatory reform bill that the Senate is set to take up and debate does not achieve these goals. I know both sides are now involved in discussions, and the next 48 hours are going to be absolutely crucial to determine if, in fact, we can get a bipartisan bill. But with any business, if it is mismanaged, if its leaders make poor decisions, the business should be allowed to fail. Success and failure have, until recently, been the cornerstone of what has made our economy one of the strongest in the world.”