Republicans Offered Better Solution to Hold Wall Street Accountable

GOP Leader: “The Democrats’ bill makes bailouts permanent, enshrines ‘too big to fail’ into law, and fails to reform the government mortgage companies that sparked the meltdown by giving high-risk loans to people who couldn’t afford it, and it needs to be fixed.”

Washington (Jul 15) House Republican Leader John Boehner (R-OH) issued the following statement after the Senate passed the Democrats’ job-killing Wall Street bailout bill:

“The American people want reform, not more bailouts from Washington Democrats for their Wall Street allies. The Democrats’ bill makes bailouts permanent, enshrines ‘too big to fail’ into law, and fails to reform the government mortgage companies that sparked the meltdown by giving high-risk loans to people who couldn’t afford it, and it needs to be fixed. House Republicans offered a better solution to stop the Democrats’ permanent bailouts, reform Fannie Mae & Freddie Mac, and protect taxpayers and help small businesses create jobs. Our plan holds Wall Street accountable; the Democrats’ plan lets them off the hook. It’s time to start listening to the American people and work together on common-sense solutions to end the bailouts, reform Fannie Mae and Freddie Mac, and make Wall Street responsible for its actions.”

NOTE: Republicans offered comprehensive financial regulatory reform legislation – the Consumer Protection and Regulatory Enhancement Act (H.R. 3310) – designed to (1) stop the Democrats’ permanent bailouts for their Wall Street allies; (2) protect taxpayers and create jobs; (3) address Fannie Mae & Freddie Mac reform, the root causes of the housing meltdown & financial crisis; and (4) rein in the out of control Federal Reserve & end “too big to fail.”

TEXT CREDIT: Office of the House Republican Leader H-204 The Capitol Washington, DC 20515 P (202) 225-4000 F (202) 225-5117. e-mail: AsktheLeader [at] mail.house.gov

IMAGE CREDIT: JohnBoehner