Fleming Comments on Passage of Frank-Dodd Act

Press Release

Congressman John Fleming, M.D. released the following statement after the House of Representatives voted yesterday to pass the Conference Report on H.R. 4173, Wall Street Reform legislation authored by Representative Barney Frank of Massachusetts and Senator Chris Dodd of Connecticut:

"This legislation does more harm than good by codifying the "too big to fail' attitude that got us into this mess in the first place. By putting into place a permanent bailout structure, Congress is explicitly endorsing the use of Americans' hard-earned taxpayer dollars to rescue mismanaged companies. To add insult to injury, this legislation does absolutely nothing to address Government Sponsored Entities (GSEs) like Fannie Mae and Freddie Mac who played central roles in causing the current financial crisis and continue to be bailed out by taxpayers. With $19 billion in new taxes and a major expansion of government reach into the marketplace, this legislation will grow the size of government, create new a federal bureaucracy and take our country one step further towards a centrally controlled economy. I urge my colleagues in the Senate to reject this misguided legislation."

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