Washington, DC – Congressman Brett Guthrie (KY-02) released the following statement, today, Wednesday, June 30, 2010, after voting no on the conference report to the Dodd-Frank Wall Street Reform Act.
“I agree with the rest of America that there needs to be reform so the collapse that occurred in 2008 does not happen again.
“Unfortunately, this bill, which was sold as a means to reign in Wall Street and address the causes of the economic crisis, only extends the size and reach of the federal government without fixing the problems.
“The bill unfairly targets institutions that had nothing to do with the financial collapse, such as Kentucky’s community banks, and leaves those who played a role in devastating our economy, such as Fannie Mae and Freddie Mac, untouched, so they can continue to cost taxpayers billions of dollars.
“We have already seen over the past 18 months one failed policy after another that puts too much faith in the federal government, and this bill will continue that pattern to allow for even more intrusive government offices and agencies.
“This bill also leaves taxpayers more exposed than ever to paying for mistakes made on Wall Street and in Washington. In no way can these solutions be described as effective reform.
“House Republicans have a real strategy for financial regulatory reform that ends the era of too big to fail, ends the ability of the government to pick winners and losers, and puts personal responsibility back into our free markets.”
