Congressman Mike Conaway (R-TX-11) made the following statement after the House of Representatives passed HR 4173; Barney Frank’s Government Takeover of the Financial Service Industry.
“Small businesses that are still suffering from the credit crisis last year will find it even more difficult to obtain credit with the passage of this bill. Certain reforms are important to ensure that the free market is not impeded by interference or nefarious business practices, but this legislation does more to expand government control of the industry than reform.”
“As banks and financial institutions accommodate these new rules, they will be forced to restrict their lending to businesses, ultimately impending job growth and creation. The formation of a new government overseer to impose Barney Frank’s political agenda will lead to an overreach of federal authority in all aspects of the economy. The Speaker and the President would find more support in their proposals if they focused on economic solutions that create jobs.”
