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Tuesday, April 20, 2010
4:36 PM EDT
Brian M Johnson

ATR Urges Opposition to Current Form of Regulatory Reform Bill

Today, Americans for Tax Reform (ATR) continues to urge all Senators to oppose the current form of Sen. Dodd’s (D-Conn.) “financial reform” bill, the Restoring American Financial Stability Act of 2010.

  • Dodd’s bill does NOT end “Too Big To Fail” – rather it establishes a$50 billion permanent bailout fund
  • This bill punishes successful companies by forcing them to pay for the permanent bailout fund
  • Creates conflicts-of-interest by forcing companies to justify having the same person serve as the Chairman and CEO
  • Dodd’s bill does nothing to address the reported route of the economic collapse, the government-sponsored Fannie Mae and Freddie Mac
  • Rather it creates several new agencies and shelters them inside the Federal Reserve further reducing transparency and accountability
  • This bill creates a powerful Financial Stability Oversight Council (FSOC), made up of nine existing agencies, with power to “draft” financial institutions into a regulatory structure

ATR urges all members to oppose this bill as it is a massive expansion and makes permanent the failed government bailouts of the past.

Click here for PDF version of this document.

Posted by Brian M Johnson on Tuesday, April 20, 2010 4:36 PM EDT
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