"The Dodd bill will take over the nation's entire financial sector, institutionalize bailouts for all time, monitor individual finances, and levy unlimited assessments on the American people, all without any votes in Congress nor any recourse to federal courts once company assets are seized." —ALG President Bill Wilson.
May 20th, 2010, Fairfax, VA—Bill Wilson, President of Americans for Limited Government (ALG), will be available to comment on the cloture vote for the Dodd Financial Services Bill. Today, the Senate voted to invoke cloture on the legislation 60 to 40.
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Wilson said the legislation "started out in exactly the wrong place. The Dodd bill does not address the root, government causes of the financial crisis that blew up the housing bubble in the first place," Wilson added, pointing to the failure of the legislation to address Fannie Mae, Freddie Mac, the Federal Reserve, the Federal Housing Administration, and the Department of Housing and Urban Development's Community Reinvestment Act regulations.
"Government policies weakened underwriting standards, lowered down payments on mortgages, and forced banks to give loans to people who had no capacity to repay them creating an artificial housing boom, and flooding the financial system with bad mortgages that eventually led to the financial services crisis," Wilson explained.
The Dodd Financial Services Bill institutionalizes many of the same issues that the American people rejected during the original financial services bailout. ALG has been a leading voice in opposition to the Dodd Financial Bill, and has become a trusted source for analysis from an independent, limited government perspective.