Today, the United States House of Representatives voted to end the fund Wall Street – rather than Taxpayers – would have to pay into that would serve as the bailout mechanism in a future financial crisis. In other words they voted to repeal the already meager Dodd-Frank regulations and go back to precisely the circumstances that existed when Congress claimed it had to give $700 billion to Wall Street because the banks were “Too Big To Fail.”
From the Chairman of the House Financial Services Committee’s own Press Release:
As Chairman of the House Financial Services Committee, Congressman Bachus was responsible for identifying $35 billion of savings included in the package, going above and beyond the committee’s deficit reduction target by more than $5 billion. Bachus’ recommendation to eliminate a federal bailout fund for large financial institutions was accepted.
Remember this is the same Congressman who said Congress’ job is to “serve the banks.” From Think Progress:
Bachus, in an interview Wednesday night, said he brings a “main street” perspective to the committee, as opposed to Wall Street. “In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks,” he said.
And oh how he has.
Now the taxpayers are back on the hook if/when the banks have another financial crisis – which given that Bachus and friends are deregulating even more is quite likely.
When you are asked how could America be in such decline and have such a negative view of the future – answer: because we learn nothing from our mistakes.
Enjoy the next bailout which Spencer Bachus is working night and day to make sure YOU, not the people responsible, pay for.