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“House Republicans said all along that the greatest weakness of the Democrats' financial regulation bill was that far from ending ‘too big to fail,’ it wrote that troubling doctrine into Federal law. The SIG-TARP confirmed that in its report.
Committee on Financial Services
United States House of Representatives
Press Release
Bachus: SIGTARP Report Confirms “Too Big To Fail” Has Not Ended
January 13, 2011
WASHINGTON: Financial Services Committee Chairman Spencer Bachus made the following statement regarding the report by the Special Inspector General for the Troubled Asset Relief Program (SIGTARP):
“House Republicans said all along that the greatest weakness of the Democrats' financial regulation bill was that far from ending ‘too big to fail,’ it wrote that troubling doctrine into Federal law. The SIG-TARP confirmed that in its report.
"Secretary Geithner’s acknowledgment that ‘exceptional’ action may be required again in spite of the Dodd-Frank Act being law confirms what Republicans have long contended – that the doctrine of ‘too big to fail’ unfortunately remains alive and well in Washington, D.C. Republicans believe the ‘exceptional’ action needed is to end bailouts and send a clear signal taxpayers will never again be forced to rescue or subsidize a failed financial company, its obligations, its creditors or counterparties.
"During the debate on regulatory reform, Republicans introduced the only legislation that would end ‘too big to fail,’ end bailouts, and protect taxpayers. Our bill would have sent failed non-banks to an enhanced bankruptcy proceeding. This is the only way to protect taxpayers.
"We need to bring a real end to ‘too big to fail.’ Taxpayers and future generations should not be burdened with having to pay for the mistakes made on Wall Street."
Committee on Financial Services • 2129 Rayburn House Office Building • Washington, DC 20515 • (202) 225-7502
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For Press Inquiries: (202) 226-0471