Early on Friday morning, after a 20-hour long conference, House and Senate negotiators agreed on a consensus version of their Wall Street overhaul. It’s nominally intended to address the problems exposed by the 2008 near collapse, which gave birth to our current bailout culture. But instead of addressing the problems of Fannie and Freddie, this bill does nothing to reform those GSEs. Faced with a political system that decided some companies were ‘too big to fail,’ this bill expands the power of the Treasury to take over failing firms when they believe it’s in the public interest. And even if a firm is not failing, it can be taken over if the Treasury decides it’s ‘at risk’ of failure.
This bill will do nothing to address the problems exposed in the recent credit crunch. It is being rushed through Congress without allowing legislators or the public time to read it. It is a classic Washington power grab – one that will leave the federal government – and the taxpayers – more involved in the financial markets than ever before. Opposing this bill is a no-brainer.
If you want to contact your Representative and Senators in opposition to this power grab, Liberty Central has made it easy to do so. Click on over to learn more about the problems with the bill, and to find out where your legislators stand.