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Boehner to President Obama: The American People Don't Want a Job-Killing Permanent Bailout for Wall Street
Boehner: "It's clear that Democrats in Washington still aren't listening to the American people, who are asking, 'where are the jobs?'"
Contact: Michael Steel, Kevin Smith, 202-225-4000
WASHINGTON, April 14 /Standard Newswire/ -- Following a White House meeting with the President and congressional leaders to discuss financial reform and other issues on the congressional agenda, House Republican Leader John Boehner (R-OH) issued the following statement:
- "It's clear that Democrats in Washington still aren't listening to the American people, who are asking 'where are the jobs?' The new financial regulation bill is a clear example.
"It sets up a fund for permanent bailouts that guarantees taxpayers are going to have to keep subsidizing irresponsible behavior on Wall Street, and lets the federal government pick winners and losers in the private sector. It sets up a huge new bureaucracy that will destroy jobs. It does nothing to address the root causes of the financial meltdown -- Fannie & Freddie.
"It sets up a 'consumer protection agency' that doesn't even cover all financial products, which is what the Democrats say it's about. Instead there are lots of special deals and carve-outs, just like in health care.
"It promises permanent bailouts for the giant 'too big to fail' companies on Wall Street and hurts small banks. On the regulation of derivatives, the only thing the White House plan will do is push their trading overseas, making the market less transparent and costing American jobs.
"House Republicans have put forward a plan to end the bailouts once and for all, protect investors, taxpayers, and consumers, make Wall Street responsible for its actions, and reform Fannie Mae and Freddie Mac. It's the type of responsible plan that taxpayers deserve and has the support of the American people who are scared to death about this Administration's record on the economy, deficit spending, and a host of other issues."
NOTE: You can read the House Republican plan for real financial reform on the House Financial Services Committee Republican website here.
