Maine Senator Olympia Snowe released a statement on her website explaining the reasons why she will be voting for the finacial overhaul this week. Her explanation sounded a lot like what we heard right before the stimulus package went through.
"To ensure we avoid another financial catastrophe such as the one that plunged our nation into the worst recession since the Great Depression, it is imperative that we implement an aggressive overhaul of the American financial regulatory system. And this effort must include real and substantial consequences for those whose reckless actions caused the crisis in the first place while guaranteeing the transparency and accountability of taxpayer dollars. After thoroughly reviewing the 2,315-page financial regulatory reform conference bill during the July 4 work period, I intend to support passage of the legislation when it’s brought before the Senate for consideration. I appreciate Chairman Dodd’s efforts during the conference process to successfully preserve the numerous amendments I had included in the initial bill to address the many unnecessary regulatory burdens on small businesses within the Consumer Financial Protection Bureau and preserve small businesses’ ability to access capital, particularly through seasonal loans. While not perfect, the legislation takes necessary steps to implement meaningful regulatory reforms, create strong consumer protections, and restore confidence in the American financial system.”
Yes, this bill was 2,315 pages long.
|Katie Pavlich is the News Editor at Townhall.com. Follow her on Twitter @katiepavlich. She is also the author of Fast and Furious: Barack Obama's Bloodiest Scandal and the Shameless Cover-Up.
“ABSOLUTELY DEVASTATING! Intrepid investigative journalist Katie Pavlich rips the lid off Team Obama’s murderous corruption and anti-Second Amendment zealotry" says Michelle Malkin.
"Katie Pavlich draws back the curtain on a radical administration that put Mexican and American lives at risk for no discernible reason other than to advance an ideological agenda." - David Limbaugh
Buy Katie's book today and help us keep the pressure on Obama and his attorney general Eric Holder and expose the cover-up.
Author Photo credit: Jensen Sutta Photography