Texas Insider Report: WASHINGTON D.C. We do need to update our regulations of Wall Street and big banks but this bill will increase the cost of credit for everybodyfamilies individuals & businesses. It will also make things worse for community banks and small credit unions which were not part of the problem in the first place said Amarillo Congressman Mac Thornberry following House passage of what he called a massive financial regulation bill.
Its seems particularly ironic given reports today that new unemployment claims have risen yet again" Thornberry said.
Like many other pieces of misguided legislation forced through this Congress this bill greatly expands the power and reach of the federal government including the Federal Reserve over private businesses.
It creates new bureaucracies limits consumer choice and takes away access to credit. At the same time it does nothing to reform Fannie Mae and Freddie Mac who have received nearly $145 billion in taxpayer bailouts" said
Thornberry who is seving his 8th term serving the Texas Panhandle.
Overall this bill is going to make it harder for our economy to grow and create jobs and that is what people want most of all.
The last thing Congress should do is pass another 2300 page bill the effects of which nobody fully understands" Thornberry said.
