FINANCIAL SERVICES DEM: “THE DODD BILL HAS UNLIMITED EXECUTIVE BAILOUT AUTHORITY.”

April 20, 2010 | House Republican Leader John Boehner (R-OH) | Permalink

There are conflicting reports as to whether Washington Democrats will remove a $50 billion bailout slush fund from their Wall Street bailout bill, but it’s a moot point.  With or without the fund, Senate Banking Chairman Chris Dodd’s (D-CT) 1,408-page regulatory reform bill would empower the federal government to provide Wall Street with permanent bailouts, courtesy of American taxpayers.

Under the Dodd bill, the nation’s largest financial firms – including Goldman Sachs, President Obama’s top Wall Street ally – would be eligible for special treatment at the highest levels of government, including resolution authorities and resources unavailable to smaller financial firms.  This includes exclusive access to a pre-existing bailout fund, a Treasury-backed line of credit, the ability to have debt guaranteed by the government, and much more.

To put it in perspective, the bailout resources this bill provides far surpass those that were available to bail out Fannie Mae and Freddie Mac, the government mortgage companies that sparked the meltdown by giving high-risk loans to people who couldn’t afford it.  As Rep. Brad Sherman (D-CA), a member of the House Financial Services Committee, told Politico yesterday, “The Dodd bill has unlimited executive bailout authority. … The bill contains permanent, unlimited bailout authority.” Read the rest of this entry »

GOP Leader: “The American people will take notice, and they will not forget.”

WASHINGTON, D.C. – House Republican Leader John Boehner (R-OH) issued the following statement today on President Obama’s decision to sign an Executive Order on the federal funding of elective abortion:

“Everyone knows this Executive Order will have no effect whatsoever on taxpayer funding of abortion.  Even Democratic leaders have acknowledged that.  It is a transparent attempt to provide political cover to Washington Democrats who betrayed their constituents by voting to allow taxpayer-funded abortion in the United States for the first time in 30 years.

“It is telling that President Obama is signing this Executive Order behind closed doors, unwilling to face questions from reporters or the public.  He clearly hopes to sweep this issue under the rug.  But the American people will take notice, and they will not forget.”

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NUMBERS TO KNOW:

• $569.2 billion in tax increases
• $523.5 billion in Medicare cuts
• $48 billion more for Medicaid

1. 1. A Job-Killing Government Takeover of Health Care. No amount of changes or legislative tricks can hide the true destructive nature of this bill: $17 billion in new taxes on Americans who do not comply with the individual mandate, $52 billion in new taxes on employers that do not provide health coverage deemed “acceptable” or “affordable” by government bureaucrats, and new taxes on capital gains, dividends and interest that will further stifle economic growth and job creation. Read the rest of this entry »