Perlmutter Votes for More Bureaucracy and Deficit Spending in the Dodd-Frank Bill
July 1, 2010 – Ed Perlmutter today joined with Nancy Pelosi to pass new financial regulations through the House of Representatives. While the House decided to drop the $19 billion bailout tax on the financial system, it instead replaced it with TARP funds that were originally slated to help pay down the deficit. Once again, Congress has decided to pass legislation that worsens the national debt load—which already exceed $42,000 for every single American.
“The number one goal of any financial reform should be to encourage and spur real economic growth while protecting consumers,” said Frazier. “The Senate should do the right thing and only agree to a bill that would stop tax-payer funded bailouts, reform Fannie and Freddie, and ensure that Congress holds regulators and bureaucrats as accountable as Wall Street.”
Perlmutter’s vote comes on the heels of his open criticism of Wall Street after voting for the bailouts and accepting tens of thousands of dollars in campaign contributions from the very financial sector he publically scolds. Perlmutter’s vote perpetuates the “too big to fail” mentality by not only allowing bailouts to continue, but also by imposing new capital charges that will create additional barriers for new firms to enter the market.
“Now more than ever, businesses need regulatory certainty, and this bill only adds to the air of confusion,” continued Frazier. “By handing more power to government bureaucrats, this legislation means companies will have a hard time properly assessing the risks involved with their investments.
“It is downright irresponsible for the incumbent to vote for a bill that does nothing to address two of the main culprits in housing market collapse, Fannie Mae and Freddie Mac. The taxpayers are already on the hook for over $145 billion in bailouts to these companies, and there is no end in sight. In the face of Ed Perlmutter’s hypocrisy on this issue, voters should wonder exactly who is calling the shots on this bill.”
“The number one goal of any financial reform should be to encourage and spur real economic growth while protecting consumers,” said Frazier. “The Senate should do the right thing and only agree to a bill that would stop tax-payer funded bailouts, reform Fannie and Freddie, and ensure that Congress holds regulators and bureaucrats as accountable as Wall Street.”
Perlmutter’s vote comes on the heels of his open criticism of Wall Street after voting for the bailouts and accepting tens of thousands of dollars in campaign contributions from the very financial sector he publically scolds. Perlmutter’s vote perpetuates the “too big to fail” mentality by not only allowing bailouts to continue, but also by imposing new capital charges that will create additional barriers for new firms to enter the market.
“Now more than ever, businesses need regulatory certainty, and this bill only adds to the air of confusion,” continued Frazier. “By handing more power to government bureaucrats, this legislation means companies will have a hard time properly assessing the risks involved with their investments.
“It is downright irresponsible for the incumbent to vote for a bill that does nothing to address two of the main culprits in housing market collapse, Fannie Mae and Freddie Mac. The taxpayers are already on the hook for over $145 billion in bailouts to these companies, and there is no end in sight. In the face of Ed Perlmutter’s hypocrisy on this issue, voters should wonder exactly who is calling the shots on this bill.”
