Concord - This weekend, ex-Republican Congressman Charlie Bass called the pending Wall Street reform in Congress an "extremist" policy, despite the fact that unchecked Wall Street financial institutions helped create the financial crisis our country has been struggling through since 2008.
"It's Charlie Bass, not President Obama's financial reform package, that's extremist," said Derek Richer, press secretary for the New Hampshire Democratic Party. "Two thirds of Americans support this critical legislation, while a majority of Granite Staters in his district kicked Bass out of office for recklessly rubberstamping Bush's failed economic policies that drove our economy into a ditch."
"Charlie Bass is clearly more interested in protecting Wall Street and his own disastrous 12 year record in Congress than he is in protecting Granite Staters and their tax dollars," added Richer. "The truth is that Charlie Bass was part of the problem that led to the economic crash, and now he is fighting against reforming the broken system he helped create."
According to the Washington Post, in Newport, NH last week former Congressman Bass, "accuses President Obama of 'coddling terrorists' and advancing 'extremist' policies, like the Wall Street overhaul bill now facing a Republican filibuster threat." [Washington Post, 4/26/2010]
President Obama has proposed a clear plan to reform Wall Street to:
1) Hold Wall Street Accountable - by requiring that banks pay back taxpayers for the full costs of the bailout, that Wall Street and not taxpayers bear the costs of future firm failures, that banks cannot run their own private equity and hedge funds, and that the largest and riskiest firms cannot grow unchecked.
2) Protect American Families from Unfair, Abusive Financial Practices - including the establishment of a new independent consumer financial protection agency that would help ward off dangerous mortgage, credit card, and bank overdraft practices.
3) Close the Gaps in Our Financial System - including increased scrutiny of "shadow banking" institutions that were set up to avoid oversight rules and better regulation of the largest, most complicated firms like AIG.
4) Create the Market Certainty Necessary for Stable Growth - by giving the private sector clear, coherent rules and expectations without the current uneven regulation that encourages them to game the system; by increasing capital requirements to help companies weather the ups and downs of the market; and by increasing transparency and oversight of complex derivatives.