With the Senate voting on the cloture motion for Senator's Dodd's S. 3217, the Restoring American Financial Stability Act of 2010 this evening at 5:00pm, ATR sent the following legislative alert to all Senate offices urging them to vote no.
Today, Americans for Tax Reform (ATR) announced they will rate against a vote for cloture on Sen. Dodd’s (D-Conn.) “financial reform” bill, the Restoring American Financial Stability Act of 2010, in their annual Congressional Scorecard.
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 cloture as this bill is a massive government expansion and makes permanent the failed government bailouts of the past.
A vote for cloture is a vote for this bill and will be scored against in our annual Congressional scorecard. Supporting cloture will negatively affect contention for the Hero of the Taxpayer Award.