During today’s signing of the Dodd-Frank financial regulation bill, President Obama proclaimed:
"There will be no more taxpayer-funded bailouts. Period."
Follow the bill’s signing, Grover Norquist, president of Americans for Tax Reform, released the following statement:
“The Dodd-Frank financial regulation bill is one big taxpayer funded bailout. Period. It is an utter lie for Obama to claim that the bill ends taxpayer funded bailouts when it allows the Treasury to continue bailing out any financial institution they deem ‘unstable.’ Even worse, the Democrats have given Treasury the go-ahead to completely take over, restructure, and liquidate any firm – even ones that aren’t begging at the trough for taxpayer-funded support.
“The Dodd-Frank financial ‘reform’ bill contains costly and colossal new regulations and bureaucracies cloaked around empty rhetoric about consumer and taxpayer protections. This bill burdens banks with billions of dollars in new fees and restrictions that will be passed onto individuals and small businesses in the midst of an economic downturn. Further, in this Congress’s Orwellian tradition, the bill creates a massive new government agency with the power to monitor virtually any American citizen's or business’s bank accounts.
“This ‘reform’ does nothing to get at the root cause of financial crisis. Instead of ending failed government slush funds like Fannie Mae and Freddie Mac, the Democrats have targeted and demonized the very Wall Street firms they look forward to continuing to bail out in the future. Thanks to the Dodd-Frank bill, Americans can look forward to another financial crisis brought about by excessive regulations and fees that stall investment and the continuation of failed government programs that helped get us into this mess.”