Washington, DC - Citing the need to protect taxpayers from another bailout and to go after those companies and individuals responsible for the nation’s economic problems, U.S. Senator Jim Risch voted against H.R. 4173, the financial regulatory reform bill.
“There is no question that something must be done to prevent Wall Street and its ‘Too Big To Fail’ firms from taking down the American economy, but this bill is not the answer. Too many of its provisions put big business ahead of small business while leaving the taxpayers with the risk,” Risch said.
Risch noted mortgage giants Fannie Mae and Freddie Mac were exempt from any provisions in the bill. He also pointed out the legislation sets up a system that perpetuates the bailout of companies that are deemed ‘Too Big To Fail.’
“This bill puts the federal government in the business of picking winners and losers. When businesses on Main Street fail they will continue to end up in bankruptcy court, while extremely large corporations will head to a federal office where they’ll be greeted with an endless supply of bailout money.
“If we learned anything from the health care debate, it is that legislation should address the root of a problem and not move forward until we know its consequences. We are already seeing soaring costs and other problems with the so-called health care reform bill and I fear Congress made the same mistake with this 2,300-page bill,” said Risch.
H.R. 4173 passed by a 60-39 vote.