Congressman Doug Lamborn (CO-05) today rejected yet another Congressional attempt to undermine free markets. Lamborn voted against H.R. 4173, a sweeping overhaul of the financial industry.

“If this bill now passes the Senate, it will kill jobs, ration credit, and hurt small businesses. Additionally, this bill will make it harder for businesses to manage costs. None of this spurs on an economy in need of growth.

“H.R. 4173 creates a new 'Consumer Financial Protection Agency', with a ‘financial czar’ to regulate consumer credit. And despite its name, this new bureaucracy would end up raising costs for consumers, and reducing the number and type of products available.

“What we need are common sense reforms to the organizations at the heart of the financial crisis. Fannie Mae, Freddie Mac, and other creations of government are at the center of the storm. Yet nothing in this bill addresses their actions. This is an opportunity missed, while giving the government permanent bailout authority.

“I support the common sense Republican approach of shutting down the Troubled Asset Relief Program, or TARP as it is commonly known, using those leftover funds to reduce our deficit, and allow for orderly bankruptcy proceedings to close down failed firms.

“We must end taxpayer bailouts.” – Congressman Doug Lamborn (CO-05)