Haven't we had enough?
Billions of dollars have been spent on bailouts for Wall Street, and yet, evidently, Sen. Chris Dodd (D-Conn.) thinks that even more taxpayer dollars need to be allocated to a bank liquidation fund. His reform bill proposes further regulating Wall Street, while simultaneously reserving $50 billion for future bailouts. This is not fiscal responsibility and it's certainly not helpful financial reform; instead, it is a measure that both reduces free trade and wastes citizens' dollars.
Even President Obama and Secretary Geithner, though members of Dodd's party, have expressed reservations about parts of the bill. Sen. McConnell (R-Ky.) has asked members of his party to vote against the bill as long as the "bailout fund" remains in place. More regulation and more government spending are not the answers to our financial crisis.
To read more about issues surrounding this debate, view NTU’s Federal Government Affairs Manager Jordan Forbes’ blog post on this topic last week.