Permanent Bailout Bill Continues to Hand Control of Economy to Washington
Washington,
Dec 10, 2009 -
Republican Study Committee Chairman Tom Price (R-GA) issued the following statement as debate began on H.R. 4173, a nearly 1,300 page bill that will fundamentally remake the U.S. economy.
“America did not become prosperous through firm government control over the economy,” said Chairman Price. “Our economic strength has always stemmed from the ability of individuals and markets to make choices free from government interference. Under this President and Democrat-controlled Congress, that strength and freedom has steadily eroded. Washington is already seizing control over health care, energy, and other large areas of the economy. As far as the Democrats are concerned, this permanent bailout bill is simply the next step.
“This bill assumes that the very same government bureaucrats who failed to prevent the current crisis can better manage the economy than free individuals and free markets. It gives the Federal Reserve the power to place businesses on a ‘government watch list’ and control every aspect of the business, from firing the boss to setting employee wages. It creates a new ‘Credit Czar’ who can dictate what financial products American consumers can or cannot buy. Despite the enormous scope of this legislation, it manages to avoid much needed reforms to Fannie Mae and Freddie Mac that would help prevent a repeat of this recent financial crisis.
“It gives the interventionist bailout culture that now dominates Washington permanent standing. The dangerous notion that any entity is too-big-to-fail is an insult to the free market principles which made us the most dynamic and prosperous nation on Earth. By creating a massive new federal bailout fund, Democrats are ensuring it will someday be used. If the American people have told us anything, it’s that they want an end to the ugly episode of bailouts we’ve just endured. This bill only makes that taxpayer abuse permanent.
“There are serious issues in the financial sector that need to be addressed. This proposal fails to do that. As usual, the Republican solution, H.R. 3310, shows a better way forward. Our plan will bring the era of taxpayer funded bailouts to an end and prevent the government from picking winners and losers so that our markets can operate with greater efficiency. A command-and-control economy has never worked. It surely won’t save us now. It’s time to renew our commitment to the principles of economic freedom that made us the greatest nation in the history of the world.”
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