Americans for Tax Reform (ATR) applauds the united opposition by all 41 Republican members of the U.S. to Sen. Dodd’s (D-Conn.) “financial reform” bill, the Restoring American Financial Stability Act of 2010.
In a letter to US Senate Majority Leader Harry Reid signed by all 41 Republicans, they state:
A bipartisan bill should address the deeming financial practices of big Wall Street firms and government-sponsored entities that led to unprecedented taxpayer bailouts…we simply cannot ask the American taxpayer to continue to subsidize this ‘too big to fail’ policy. As currently constructed, this bill allows for endless taxpayer bailouts of Wall Street and establishes new and unlimited regulatory powers that will stifle small businesses and community banks. (April 14, 2010)
ATR President Grover Norquist applauds this opposition saying, “It is clear taxpayers are tired of Uncle Sam taking their hard-earned money to bail out failing companies, and we can all agree that additional transparency is needed in all levels of government. Senator Dodd’s bill not only does not accomplish this goal, but seeks to further regulate and control American enterprise.”