Coburn, Inhofe Oppose Financial Reform Bill
U.S. Sens. Tom Coburn, R-Muskogee, and Jim Inhofe, R-Tulsa, voted against the financial regulatory reform bill that was approved by the Senate on Thursday night. Most in their party opposed it.
Said Inhofe, ““This bill was supposed to be about writing sensible rules regarding Wall Street practices that helped us get into a financial mess, but instead Democrats used this bill as an opportunity to expand the federal government’s reach into areas of the economy that had nothing to do with the financial crisis.
“There’s a clear disconnect here. Why are car dealers and credit unions terrified of what’s supposed to be a Wall Street reform bill? The answer is simple: Democrats have yet again used a crisis to expand the federal government’s reach into the private sphere. They did it in this bill through the creation of an extremely powerful new ‘consumer protection’ bureaucracy.”
Coburn said, “This bill commits malpractice against the American people by failing to fix the underlying problems that created this mess.
“No one did more to inflate the housing bubble than well-intentioned but incompetent members of Congress who created perverse incentives to put people in homes they could not afford. This bill does nothing to reform entities like Fannie Mae and Freddie Mac that created this debacle.
“This bill also fails to protect community banks that are best suited to serve local communities and it includes weak underwriting standards. ”
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Comments
If this passes, the feds will control 60% of the American economy. This will effectively make 330 million Americans slaves to the 500 elected officals in Washington. I don’t think this what the American people had invisioned when Obama said he he would bring hope and change. Can’t wait for November.
Glad they opposed it. Adds additional unnecessary ‘main street business’ burdens to those who had nothing to do with the financial problems.