Congressman Boehner is backing legislation to reform government mortgage giants Fannie Mae and Freddie Mac – whose reckless lending helped cause our financial crisis – that will protect taxpayers and help grow our economy. But Democrats are crafting new financial regulations behind closed doors that will hurt community banks right here in our district – and the small businesses that depend on them. Congressman Boehner discussed the issue on The Hugh Hewitt Show:
BOEHNER: “It’s the same liberal reaction: ‘we need more government.’ It was government bureaucrats that didn’t uncover this problem, so their answer in this bill happens to be: ‘well, we need to hire more government bureaucrats.’ We’re going to punish every local banker, every community banker in America, for the sins of a handful of big banks on Wall Street. This is the most ill-conceived idea in the world. One of the problems they say is that we have gaps in our regulatory process, and we need these regulators working more closely together. What does the bill do? It doesn’t do any of that.”
An op-ed in the Washington Times argues, “Big banks may be able to weather the regulatory storm, but some smaller community banks will be unable to stay afloat.” Community banks didn’t cause our economic crisis – yet that’s exactly who will pay the price for the Democrats’ jobs-killing bill.
Moreover, the Democratic bill “does nothing to reform or even regulate Fannie Mae or Freddie Mac” even though “taxpayers have forked out more than $145 billion to bail them out and will continue to put billions more into these failed entities before the losses stop.”
That’s why Boehner is fighting to protect taxpayers from future bailouts and take families off the hook for irresponsible decisions made by big banks. If you want to join John’s fight to stop the bailouts and address the actual cause of our financial crisis, click here and become a Boehner Campaigner today!
READ MORE:
- Boehner, GOP Push Better Solutions As Democrats Lose Credibility (5/19/10)
- Boehner: Dem Policies Are “Making Matters Worse” for Ohio (5/18/10)
- Democrats May Skip Passing a Budget While Ohio Families Struggle With 11% Unemployment (5/11/10)
- Permanent Bailouts Will Hurt Local Banks – and the Small Businesses That Depend on Them (4/28/10)
- Boehner: Stop the Bailouts and Reform Fannie & Freddie (4/22/10)
Tags: bailouts, jobs, ohio, small businesses
Banks are calling loans due and payable NOW. I have talked to over 20 local business owners. They have all had calls from the banks wanting to collect on loans, increaseing interest rates, and flat out closing down businesses. Small businesses like mine are laying off people, closing their doors or just hanging on. We need help today.