Friends,
The House is expected to vote on final passage of the financial reform bill this evening. I will vote no.
This bill represents a significant opportunity lost by the Congress. We could have had a bi-partisan bill that protects consumers, bankers, and tax payers, but we don’t. There is a truckload of new regulations, a new bailout fund, and new bureaucracies in this bill; none of which are likely to address the root causes of the financial crisis or prevent the next one. For example, the bill doesn’t lay a finger on Fannie Mae or Freddie Mac.
I am particularly concerned that this bill will tighten access to credit for hard working Tennesseans. It will also make it much harder for community banks to compete. Those community banks, who have far fewer resources than the big New York firms, will have to comply with the same regulatory and reporting requirements. They won’t, however, have the benefit of a permanent bailout fund to use as a hedge against risky and potentially profitable moves.
We have a lot of work to do if we are going to get our economy back on the right track. This bill was a step in the wrong direction.
My Best,
Rep. Marsha Blackburn
R- Tennessee 7th
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