Congressman Tom Price (R-GA) issued the following statement regarding American International Group (AIG) CEO Edward Liddy’s testimony before the House Financial Service Committee’s Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.

“The controversy surrounding AIG should be all the evidence we need that the government has no business interjecting itself in private companies,” said Congressman Price. “We have long known that AIG has acted irresponsibly. That should be reason enough to keep taxpayers at a distance, not force them into cleaning up a mess. We must not lose sight of the big picture. Taxpayers have submitted the money of their children and grandchildren to keep afloat businesses who threw caution to the wind. It’s time for Congress to lead Wall Street by example, showing responsibility with hard earned tax dollars. Unfortunately, President Obama and the Democrat-led Congress are only leading us further down the road to more reckless bailouts.

“This is what a political economy looks like. It’s an agenda that rewards corporate losers and is entirely counterproductive to economic growth. Investors have no reason to capitalize the market when the government may dilute their investment or prop up failing competitors. The market wants to grow again, but Washington must allow private industries and people to invest with confidence. Only then will we see true economic recovery based on the principles that once allowed our markets to thrive.”