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Wednesday, July 14, 2010

Stop the Financial Regulation Bill

Patriots,

Congress has returned from their mini-recess and we need to burn up the phones, faxes & emails again! Harry Reid has stated the Senate WILL pass the compromise House/Senate version of the Financial Regulation Bill this week! If needed, Reid stated they will work through the weekend to get it passed.

Patriots -- you know what to do!

Financial Regulation Bill, S.3217

This bill cements into place the “too-big-to-fail” corporations that leave taxpayers on the hook yet again. It does nothing to rein in Fannie Mae and Freddie Mac, and it allows unelected “regulators” to decide who wins and who fails.

It’s important to note that this bill has passed both the House and the Senate. The conference committee bill, which is the House/Senate compromise, will be going back to both chambers for an up-or-down vote. The House has the votes, so we must stop this in the Senate. Once the bill passes the two chambers, it gets signed into law by the President.

Reasons to reject S.3217
  • Having permanent bailout authority
  • Trusting the same regulators that failed last time
  • Creating brand new innovation-killing regulations
  • Micromanaging the market
  • Having Fannie and Freddie forever (This is possibly the most egregious part – they refuse to protect taxpayers from Fannie and Freddie's "risky behavior.")
  • Mandating that all regulatory agencies with economic jurisdiction hire employees based on gender and race
Information resources for S.3217

Heritage Foundation
“The Dodd-Frank Assault on Economic Recovery”:
http://bit.ly/9uPa1o
“Financial Reform in Congress: A Disorderly Failure”:
http://bit.ly/cGm0Xz

FreedomWorks
“Wall St. plans payback for reg. reform”:
http://bit.ly/csud4s
Real Clear Markets
"Race & Gender Quotas in Finance Bill": Click here to read

According to the New York Times, "The bill, completed early Friday and expected to come up for a final vote this week, is basically a 2,000-page missive to federal agencies, instructing regulators to address subjects ranging from derivatives trading to document retention. But it is notably short on specifics, giving regulators significant power to determine its impact.’ In other words, this law is going to be continually rewritten by federal bureaucrats for years to come. And the continued uncertainty it will create is just the beginning of its faults...”
Call these senators for the Financial Regulation Bill

As of yesterday, Senators Scott Brown, Olympia Snowe and Susan Collins have said they will be voting YES for the Financial Regulation Bill. That puts the count at 59, so they're just waiting for Byrd's replacement.

Sen. Maria Cantwell (D-WA)
Phone: (202) 224-3441 / Fax: (202) 228-0514 / E-mail:
maria_cantwell@cantwell.senate.gov
Reason: She recently changed her NO vote to a Yes.

Sen. Russ Feingold (D-WI)
Phone: (202) 224-5323 / Fax: (202) 224-2725 / E-mail:
http://feingold.senate.gov/contact_opinion.html
Reason: He says he’s voting NO, but may be pressured into voting YES.

Sen. Scott Brown (R-MA)
Phone: (202) 224-4543 / Fax: (202) 228-2646 / E-mail:
http://scottbrown.senate.gov/public/index.cfm/contactme

Sen. Olympia Snowe (R-ME)
Phone: (202) 224-5344 / Fax: (202) 224-1946 / Email:
http://snowe.senate.gov/public/index.cfm?FuseAction=ContactSenatorSnowe.Email

Sen. Susan Collins (R-ME)
Phone: (202) 224-2523 / Fax: (202) 224-2693 / E-mail:
http://collins.senate.gov/public/continue.cfm?FuseAction=ContactSenatorCollins.EmailIssue&CFID=42880122&CFTOKEN=39747274

Sen. Chuck Grassley (R-IA)
Phone: (202) 224-3744 / Fax: (202) 224-6020 / E-mail:
http://grassley.senate.gov/contact.cfm

Sen. George Voinovich
DC Phone: (202) 224-3353
Cleveland Phone: (216) 522-7095 / Cleveland Fax: (216) 522-7097 / E-mail:
http://voinovich.senate.gov/publicBold/index.cfm?FuseAction=Contact.ContactForm

Sen. Sherrod Brown
DC Phone: (202) 224-2315 / DC Fax: (202) 228-6321
Cleveland Phone: (216) 522-7272 / Toll-Free: 888-896-6446 / Cleveland Fax: (216) 522-2239 / E-mail:
http://brown.senate.gov/contact/


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