The Republican minority on the U.S. House Financial Services Committee outlined an alternative regulatory modernization plan. It includes no direct provisions for the insurance industry. The plan establishes “no more bailouts” as a guiding principle and restoring market discipline to eliminate the expectation of a government rescue.
“Middle-class families are fed up with bailouts paid for by their tax dollars,” said House Republican Leader John Boehner (R-Ohio). “The plan outlined by Republicans today will lay the foundation for better market discipline and more confidence in our financial system. This common-sense plan will protect investors, consumers, and taxpayers at a time when they need it most, and it puts those who make bad business decisions on notice: taxpayers cannot afford to pick up the tab any longer.”
Ranking Member Spencer Bachus (R-Ala.) comments on the Republican principles in this YouTube clip. Shelley Moore Capito (R-Wva.), Ranking Member of the Housing Subcommittee, discusses the Republican plan in this YouTube clip.
June 24, 2009