Today I am releasing the following web video highlighting President Obama’s financial bailout bill that will impose burdensome regulations and new fees on local banks in my district back in Ohio and other local communities around the country. In addition, Obama’s plan rewards top Democratic contributors and promises permanent bailouts to Wall Street companies deemed ‘too big to fail.’ The video and full remarks are outlined below:

The American people have made it clear that they’ve had enough of the bailouts and all the open-ended expansion of government in Washington.

But instead of listening, President Obama and the majority party in Congress continues to scheme up new costly policies that will make bailouts permanent, kill jobs and impose new burdens on taxpayers.

This week, they’ll continue with their push to pass a job-killing permanent bailout bill for Wall Street.

(more…)

A must read piece by Peter Wallison in today’s Wall Street Journal:

It’s hard to imagine a worse piece of financial regulatory legislation than the bill Barney Frank and the administration put before the House Financial Services Committee last month. But Sen. Chris Dodd’s effort, introduced last week, clears this hurdle

Much attention has focused on the fact that his “Restoring American Financial Stability Act” differs from the administration and Frank proposals by creating an entirely new agency to function as a “systemic regulator” of nonbank financial institutions, instead of the Federal Reserve. Far more important, however, is the regulatory and bailout powers it gives to the government. Here the Dodd bill follows the same flawed ideas advanced by the administration and Mr. Frank, but in some ways make things worse.

(more…)