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McConnell's floor speech on the Financial Regulatory bill

McConnell's floor speech on the Financial Regulatory bill

by News Release


Posted on July 22, 2010 at 6:52 AM

If It Leads To More Job Loss, They’ll Pass It

“It’s almost as if it’s a prerequisite for any Democrat legislation: If it leads to more job loss, they’ll pass it. Americans are tired of this kind of ‘reform’. Job stifling taxes, regulations, government intrusion.”

 Washington, D.C. – U.S. Senate Republican Leader Mitch McConnell made the following remarks on the Senate floor Wednesday regarding the Financial Regulatory bill and job loss as a prerequisite for Democrat legislation:

 Mr. President:

 Later this morning the President will sign a financial regulation bill that was sold to the American people as a way of reining in Wall Street.

 Anyone who believes that didn’t read beyond the cover sheet.

 Because if they did, they'd discover instead a far-reaching government intrusion that was endorsed by Wall Street and opposed by Main Street.

 Citibank thinks it's great. Your local florist thinks it will undermine their business.

 When you cut through all the talking points about what financial regulation will do, the practical, real-world effect of this bill in the near term will be job loss.

 That’s the real story here.

 For more than a year and a half, the President and his Democrat allies on Capitol Hill have pushed an anti-business, anti-jobs agenda on the American people in the form of one massive government intrusion after another.

 And then they celebrate.

 Well, Americans aren’t celebrating.

 Three million of them have lost their jobs lost since Democrats launched their Stimulus.

 The folks who lost those jobs aren’t celebrating.

 Small business owners are already being hammered by the health care bill.

 They’re not celebrating.

 And the people who thought this Wall Street bill was supposed to rein in Wall Street.

 Well, they’re not celebrating either.

 They’re upset — and rightly so.

 As I stand here this morning, millions of Americans are struggling to find jobs — and yet all they see in Washington are Democrats passing massive bills that, at their core, seem to have one thing in common: more job loss.

 It’s almost as if it’s a prerequisite for any Democrat legislation: If it leads to more job loss, they’ll pass it.

 Americans are tired of this kind of ‘reform’. 

 Job stifling taxes, regulations, government intrusion.

 These appear to be the three pillars of every Democratic legislative effort.

 They’re also the three things lawmakers can do that are guaranteed to kill more jobs.

 That's why it shouldn’t be a surprise to anyone that unemployment’s been scraping double digits since Democrats started ramming these so-called reform bills through Congress.

 As a result of the health bill, small businesses, student loan centers, tanning salons, medical device manufacturers, hospitals, and major American employers have all either laid off employees or are trying to figure out how not to. Just this week we read a report that during the process of the auto bailout, this Administration decided to shut down auto-dealers, without cause, effectively costing thousands of Americans their jobs.

 And now, a Financial Regulatory bill—that does nothing to reform the government-sponsored enterprises that many people believe to have been at the root of the financial crisis this bill grew out of; that was meant to rein in Wall Street, but which is now supported by some of Wall Street’s biggest banks; and that’s meant to help the economy, but which is expected to stifle growth and kill more jobs.

 The American people are connecting the dots. They don’t think this bill will solve the problems in the financial sector any more than they think the health care bill will lead to lower costs or better care.

 Any more than the Stimulus lowered unemployment.

 And then there are all the unintended consequences of these bills.

 Just yesterday, we learned that the financial regulatory bill — a bill that was supposed to put an end to the notion that some institutions are too big to fail — may now have created a new set of institutions that are too big to fail.

 It was reported yesterday that some of the economists and experts who’ve studied this bill are worried it could leave taxpayers on the hook in the event that a new derivatives clearinghouse takes on too much risk.

 So a bill that was originally meant to prevent a situation like the one we faced in November 2008 — that was meant to prevent bailouts — will add to the list of institutions that are counting on getting bailed out. 

 That’s on top of all the new regulations businesses are going to have to deal with as a result of this bill.

 All told, this bill would impose 533 new regulations on individuals and small businesses, regulations that will inevitably lead to the kind of confusion and uncertainty that will make it even harder for struggling businesses to dig themselves out of the recession.

 It’s just this kind of uncertainty that will continue to deter lending and freeze up credit, as lenders wait to see how they’ll be affected by the new regulations. And it’s just this kind of uncertainty that businesses cite time and again as one of the greatest challenges to our economic recovery.

 The White House will declare this bill a victory.

 But for millions of Americans struggling to find work, for millions of small business owners bracing themselves for all the new regulations they’ll have to deal with, for ordinary Americans who just wanted to see an end to the bailouts, this bill is no victory. When out-of-work Americans see Democrats celebrating today, what they’ll see are lawmakers who’ve completely lost touch, and who’ve lost the trust of the American people.