With Dodd-Frank, the Democrats have set out to reorder America’s entire economic system and sever ties with the free-market principles that have guided our nation to unprecedented prosperity.

Human Events

A group of over two dozen prominent conservatives led by former Atty. Gen. Ed Meese and operating under the umbrella of the Conservative Action Project has issued a highly critical analysis of the Dodd-Frank financial bailout legislation, saying it would increase the size and scope of the federal government, regulating every phase of economic activity.

Here is the case against the measure.

Rep. Tom Price (R.-Ga.):  “As a physician, I fought tirelessly against the Democrats’ government takeover of healthcare because it will do irreparable harm to Americans’ access to quality, affordable healthcare. Tragically, the Dodd-Frank permanent bailout proposal will deliver a far more formidable blow to American families and main street entrepreneurs.  With Dodd-Frank, the Democrats have set out to reorder America’s entire economic system and sever ties with the free-market principles that have guided our nation to unprecedented prosperity.”

The financial reform legislation(also known as Dodd-Frank), agreed to by House and Senate Democrats in a conference committee and then passed by the House of Representatives, not only takes away the freedom of a large Wall Street firm to fail, it also takes away Main Street’s freedom to succeed.  The legislation would increase the size and scope of the federal government, regulating every phase of economic activity.  The legislation would also make permanent taxpayer-funded bailouts of large Wall Street firms. Due to the bill’s excessive taxes and government red tape, families and small business owners would no longer have access to low cost credit, and a bureaucrat would stand between them and living the American dream.

The United States Senate should reject the Dodd-Frank bill because it is a job-killer that will only bail out politically connected firms.  Moreover the Senate should insist that any financial regulatory reform legislation address the taxpayer subsidies of Fannie Mae and Freddie Mac.

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