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Press Release

    Stop Yet Another Wall Street Bailout

    06/30/2010

    They are at it again.

    More than a trillion dollars later and despite all we have learned from the failed taxpayer-funded bailouts and stimulus schemes that Congress and the President have crammed down our throats, liberals are trying to push yet another bailout bill over the finish line.

    TAKE ACTION -- STOP THE LATEST BAILOUT SCHEME!

    This latest attempt is being led by Rep. Barney Frank (D, MA-4) in the House and Senator Chris Dodd (D-CT) in the Senate. But the Frank-Dodd bill -- H.R. 4173 -- is better termed the "Fr-odd" bill as it promises reform that will spur economic growth, but in reality includes new tax increases and more cumbersome big government regulation that will only perpetuate the bailout.

    Specifically, this legislation creates a new $20 billion lending tax to fund all the new regulatory red tape in H.R. 4173. Meanwhile, the central culprits of the financial crisis, Fannie Mae and Freddie Mac, remain untouched and are even given a specific carve-out in the bill to ensure they would be provided with another bailout if necessary. Frank-Dodd also greatly empowers government regulators with sweeping authority to make decisions about how private businesses should operate and to look through Americans' personal financial records. Finally, the bill guts provisions to audit the Federal Reserve and make their actions more transparent.

    The bill has passed both the House and Senate, but now the Senate must vote once more on the conference report for it to become law. Even though the report is over 2,319 pages long -- once again providing inadequate time for legislators to actually read the bill - that final vote is expected this week and signals from Capitol Hill are that it will be extremely close…this is our last chance to defeat it and put a stop to the bailout culture in Washington, D.C.


    Your Senators needs to hear from you. CLICK HERE to take action today! Urge them to vote NO on the conference report on H.R. 4173. Tell them that it's time to stop raising taxes and putting government in the way of our country's financial recovery.

    Let's end the bailouts once and for all!