We need to do everything we can to protect taxpayers from having to be called upon to bail out banks.
Texas Insider Report: WASHINGTON D.C. U.S. Senator John Cornyn (R-TX) spoke on the Senate floor today in support of
legislation passed yesterday by the House of Representatives to protect taxpayers from bailing out large financial institutions.
Sen. Cornyn along with Sen. Pat Toomey (R-PA) has introduced similar legislation to strengthen and modernize U.S. bankruptcy laws to protect taxpayers from the bailouts that have come with bank failures in the past. Excerpts of his remarks are below and video can be found
here.
I first want to commend our colleagues in the House for passing some important legislation yesterday called Bankruptcy Not Bailouts. The Bankruptcy Not Bailouts bill a bill that will put to rest once and for all the concept that it is somehow the taxpayers responsibility to bail out financial institutions when they fail putting our financial system in jeopardy.
The idea of too big to fail was an unfair and really I think erroneous concept made part of the law in the Dodd-Frank legislation that prioritizes large financial institutions over the needs of American families. We need to do everything we can to protect taxpayers from having to be called upon to bail out banks.
This is actually a very important step in the right direction. I commend Chairman Hensarling and the House of Representatives for passing this important piece of legislation. Its similar to legislation that I have introduced here in the Senate with Senator Toomey the junior senator from Pennsylvania and I hope we can move forward soon.
Senator John Cornyn a Republican from Texas is a member of the Senate Judiciary and Finance Committees.
