Sean Bielat has released a statement regarding Scott Brown’s statement that he will vote for the Dodd Frank financial “reform” bill.
As a candidate for U.S. Congress opposing Barney Frank and as a constituent, I am greatly disappointed in Senator Brown’s expressed support of the Dodd-Frank Bill.
This bill has Barney Frank’s DNA — it sounds smart but doesn’t make much sense, it spends more than it saves, and it’s afraid to talk about Fannie and Freddie.
I believe the prerequisite for financial regulation legislation is discussion of Fannie and Freddie, otherwise we’re raising the dike without plugging the hole. This bill doesn’t touch on those entities, which are the heart of our financial collapse and are expected to cost taxpayers upwards of $400 billion.
The bill remains full of excessive regulations that fatten government and don’t protect consumers, including a provision to force race and gender quotas on financial firms that would create a new taxpayer-funded bureaucracy and introduce social legislation into a financial “reform” bill.
Our Senators and Representatives need to listen to their constituents and do the right thing, not just pass a bill laden with special interest provisions and new bureaucracies. We cannot afford the increased costs to borrowers and to consumers that this legislation will mandate.