Financial Reform Bill Will Kill Jobs and Raise Taxes

Some days it makes you wonder about the three New England Republicans and what makes them take the positions they do on some bills. We just don't understand this vote at all because Congressman Pence is correct. We hate to believe that constituents in their states were pushing this bill because if they were, they are out of touch with the rest of America. We also don't understand how they keep voting with Democrats to kill debate. In this instance, Senator Russ Feingold (D-WI) who is in a tight race voted against this bill and against cloture which we don't find too shocking as he done this before on similar bills. He understands the outcome more than the three Republicans -- Senator Scott Brown (R-MA), Senator Susan Collins (R-ME) and Senator Olympia Snowe (R-ME).

This was not a good day for them to pass this as we wonder how much this bill is going to cost the consumer like their other bills they have passed since Obama took office. Every time Congress passes a bill to protect the consumer it costs us more money. Do they think that banks will not pass on the charges to the consumer? How dumb can members of Congress be?

Today a notice from Target was received detailing the new rules about credit cards that the Federal Government decided to stick their noses into. Late payment fee has risen from $25 to $35, returned payment fee is now $25, and minimum payment due has gone from $10 to $25. Also the Prime Rate they use to charge interest is now on one specific day a month not the day of billing. If someone is struggling to keep up with credit card payments, how is raising everything going to help. This is a very small account but what if it had a large balance and your minimum payment was more than doubled? Bet you see people going belly-up on their credit cards thanks again to the Democrat controlled Congress and Obama.

Congressman Pence is so right and why it is so disgusting to see three Republicans vote for this bill when we are supposed to be the party of limited government.

Cong Pence: Financial Reform Bill Will Kill Jobs and Raise Taxes
“It is a fundamental departure from the American ideals of personal responsibility and limited government.”

Washington, DC - U.S. Congressman Mike Pence, Chairman of the House Republican Conference, released the following statement today after the U.S. Senate passed the Democrats’ financial regulatory reform bill:

“This so-called financial reform bill will kill jobs, raise taxes, restrict the flow of credit, make bailouts permanent, and turn the Democrats’ disastrous too-big-to-fail approach into federal law. It is a fundamental departure from the American ideals of personal responsibility and limited government, and it does nothing to make Fannie Mae and Freddie Mac compete fairly in the marketplace. “This bill can be summed up in two words: ‘government control,’ and it will serve as the latest piece of the president’s job-killing agenda. This represents another defeat for American families, small businesses and family farms, who continue to wonder when Washington Democrats will set aside their big government programs and work with Republicans on ideas that can actually put Americans back to work."