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. ”