22-Apr-10 4:00 PM CST

Our Country Can't Afford Another Bailout

Congress must address the root causes of the recent financial crisis, close regulatory gaps, and fix the misguided policies that contributed to the housing crisis and ensuing credit crunch.

President Obama’s remarks on financial regulatory reform offered some lofty goals which, regrettably, just don’t square with the legislation currently being debated in Congress. We all agree that measures must be taken to prevent another financial crisis, but I have serious concerns with the broad scope and contents of this bill.

In its current form, this bill would codify government policies which have sent billions of dollars to Wall Street firms. This bill would also restrict access to credit for families and small businesses, which would further damage our weakened economy. It would also create broad new authority for government bureaucrats to regulate major sectors of the economy, many of which have never taken a dime from the taxpayers.

Congress should work towards financial regulatory reform that protects both the free market and American taxpayers. Congress must address the root causes of the recent financial crisis, close regulatory gaps, and fix the misguided policies that contributed to the housing crisis and ensuing credit crunch. Most importantly, we must insure that private sector financial institutions never rely on taxpayer contributions to stay afloat.

Click a star to rate!

Rating: 0.00 / 5.00 - Not yet rated.
0 ratings