Issues

Financial Reform

President Obama signed the Financial Reform bill into law on July 21, 2010. Mr. Obama billed the massive legislation as a law that empowers consumers, puts an end to the era of taxpayer bailouts and brings “the shadowy deals that caused this crisis into the light of day.”  Well the reality for Americans is that in the midst of the debate two of the largest contributors the economic collapse and bailouts Fannie Mae and Freddie Mac were de-listed from the markets and were not even addressed in this so called landmark legislation.

The security of our financial systems as outlined in the new law have left an even bigger danger at large and could very well create a new bailout larger than the last with even more dire consequences according to the Congressional Budget Office (CBO) reaching a staggering 1 trillion dollars.  Fannie and Freddie have liabilities in excess of $5 trillion. They have already directly cost taxpayers nearly $150 billion, with no end in sight according to the Wall Street Journal.  America cannot afford more failed Leadership.

Key links on Wall Street Reform:

Wall Street Journal - “Fan and Fred and the Problem of Narrative”

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