TIBERI STATEMENT ON FINANCIAL REGULATORY REFORM
U.S. Congressman Pat Tiberi (R-OH) today issued the following statement following the House vote on Chairman Barney Frank’s (D-MA) Wall Street Bailout bill:
“No matter the spin about consumer protection, the very basis of this bill is to make permanent the policies used to bailout AIG, Fannie Mae, Freddie Mac, GM, Chrysler, and all the other failing firms where government has interceded. I voted against this bill because it continues and promotes using taxpayer money to prop up and reorganize failed institutions. This bill would do nothing more than make government bailout programs a permanent part of our economy, paving the way for more government control in our everyday lives. Republicans offered a choice today; end TARP, or allow it to continue to expand. I voted to end it.
“After hearing the nation’s top economic experts’ dire predictions last fall and hearing from Central Ohioans about their need for help in these difficult economic times, I voted to pass TARP after the guarantee that TARP funds would be paid back to the federal government was made. Unfortunately, TARP was never used for the purposes for which it was intended. I think TARP needs to end. The remaining unspent TARP funds and the funds that still need to be repaid should go directly to deficit reduction. Creating a TARP II is not the answer; it just furthers a culture of bailouts, and government involvement in countless parts of the economy.”