The financial ‘reform’ proposal, though, will impact the other 5/6ths of the economy. In many respects, the financial services ‘reform’ is much more damaging to the economy and our future competitiveness. Worse, its passage is being aided by Bob Corker.
Sen. Bob Corker (R-TN) has snatched defeat from the jaws of victory with his complete capitulation and total surrender on the Financial Services bill. The bill, passed by the House with a $4 trillion bailout provision, making bailouts the permanent policy of the United States government, was on it’s last legs until Corker came to the rescue. Now the Washington Post and other are reporting that Corker and ethically-challenged, retiring Sen. Chris Dodd (D-CT) are on the verge of a deal to breathe life back into the regulatory and bailout scheme.
Let’s be clear – the President and the hard left want this bill. David Reilly of Bloomberg described the measure as Barney Frank’s $4 trillion gift to the banks.
It looks like Republican Senator Corker has the blessing of George Soros:
A new consumer protection agency is an urgent need as the United States seeks better financial regulation but putting it in the Federal Reserve is unacceptable, George Soros, chairman of Soros Fund Management, said on Wednesday.
“We need a consumer protection agency, and we need it very urgently because there is political outcry about the injustice of the current situation,” Soros said at a Roosevelt Institute conference in New York.
Senate Banking Committee Christopher Dodd has been trying to bridge a gap with Republicans, who oppose an independent consumer protection agency, and discussed with Republican Senator Bob Corker the possibility of making the agency a division of the Federal Reserve.
Grassroots conservatives are rightly up in arms over Senator Corker’s game of footsie with far left Democrat Chris Dodd on President Obama’s effort to impose a massive new regulatory scheme on America’s economy. Dodd, of course, is one of the architects of the current financial crisis. His decades long support of ACORN, Fannie Mae, Freddie Mac and the Community Reinvestment Act should have disqualified him from these negotiations in the first place. But, this is Washington, after all, and apparently Bailout Bob was willing to look the other way and turn the other cheek.
The ironically named Consumer Financial Protection Agency will pile a new bureaucracy on top of an existing bureaucracy. It will spend hundreds of millions of dollars imposing job killing regulations on small business. It will have the power to strip consumers of their freedoms and restrict credit opportunities for small business. And, there’s more. Also tucked in the bill is a clause that gives the Federal Reserve the authority to bailout businesses to the tune of an astonishing $4 trillion.
We’ll make sure that small business and the Americans who depend on them for job creation are well aware of Corker’s actions to kill the engine of the economy.
Bob Corker’s Senate office number is 202-224-3344.
GOP Sen. Bob Corker said he “absolutely” would be willing to buck his party to pass a bill cracking down on financial market abuses and creating new rules to prevent firms from becoming “too big to fail.”