“The American People deserve a better plan that puts an end to bailouts, audits the Fed and reins in Fannie Mae and Freddie Mac.”

WASHINGTON – Congressman Leonard Lance (NJ-07), delivered the following remarks on the House floor in opposition to the Dodd-Frank financial regulatory reform measure.

“I rise today to express my strong opposition to this so-called financial reform bill that gives Wall Street permanent bailouts, institutionalizes ‘Too Big to Fail,’ and will ultimately constrict credit lending to consumers and small businesses at the worst possible time for our economy.

“The Dodd-Frank measure does not fully audit the Fed and does nothing to rein in housing giants Fannie Mae and Freddie Mac which have already cost U.S. taxpayers $145 billion and counting.

“Most concerning to me is the accounting gimmickry used by the Democratic Majority to fund yet more federal spending under this bill to the tune of $19 billion dollars.

“Unused and returned funds from Troubled Asset Relief Program, by the original law, were supposed to be used to reduce the deficit, not as a funding source for new spending.  And the increase in the premium reserve ratio at the FDIC shouldn’t be used for anything other than protecting depositors in bank failures.

“Yet the Democratic Majority has once again chosen a fiscally irresponsible path of more spending and more borrowing.  When is enough, enough?

“The American People deserve a better plan that puts an end to bailouts, audits the Fed, reins in Fannie Mae and Freddie Mac and takes the government out of the business of picking winner and losers.  The Dodd-Frank bill fails on all these accounts.”

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