|2:32 PM EDT||
Leonard Lance, R-NJ 7th
Mr. LANCE. My thanks to Mr. Sessions; to our ranking member, Mr. Bachus; as well as to the chairman and to the gentleman from Colorado.
Mr. Speaker, I rise to express my opposition to the rule for the financial bill that gives Wall Street firms the potential of permanent bailouts, that institutionalizes ``too big to fail,'' and that will ultimately constrict lending to consumers and small businesses at the worst possible time for our economy.
The underlying measure does not fully audit the Fed, and it does nothing to rein in housing giants Fannie Mae and Freddie Mac, which have already cost U.S. taxpayers $145 billion and counting.
The Troubled Asset Relief Program funds, by the original law, were supposed to be used to reduce the deficit, not to be used as a funding source for new spending, and the increase in the premium reserve ratio at the FDIC should not be used for anything other than protecting depositors in bank failures. Yet the Democratic majority has chosen the fiscal path of more spending and more borrowing--this at a time when the Federal debt is $13 trillion and rising rapidly.
The American people deserve a better plan that puts an end to bailouts, that audits the Fed, that reins in Fannie Mae and Freddie Mac, and that takes the government out of the business of picking winners and losers. This bill fails on all of these accounts. I oppose the rule and the underlying bill.