Job-Killing Bailout Bill Rewards Obama's Friends on Wall Street, Hurts Small Businesses

Today I am releasing the following web video highlighting President Obama’s financial bailout bill that will impose burdensome regulations and new fees on local banks in my district back in Ohio and other local communities around the country. In addition, Obama’s plan rewards top Democratic contributors and promises permanent bailouts to Wall Street companies deemed ‘too big to fail.’ The video and full remarks are outlined below:

The American people have made it clear that they’ve had enough of the bailouts and all the open-ended expansion of government in Washington.

But instead of listening, President Obama and the majority party in Congress continues to scheme up new costly policies that will make bailouts permanent, kill jobs and impose new burdens on taxpayers.

This week, they’ll continue with their push to pass a job-killing permanent bailout bill for Wall Street.

Their plan promises permanent bailouts for the giant ‘too big to fail’ companies on Wall Street, while piling new regulations and fees on small community banks in Ohio’s 8th Congressional District.

It also sets up a ‘consumer protection agency’ that doesn’t even cover all financial products, which is supposedly what it’s all about. Instead there are lots of special deals and new control for government bureaucrats, just like in their government takeover of health care.

President Obama likes to say we need to clean up Wall Street. But let’s be clear: He is pushing a bailout bill for Wall Street that is supported by and benefits one of his top campaign contributors – a financial firm that just happens to be under investigation by the SEC for defrauding investors.

House Republicans are standing with the American people and fighting to end the bailouts once and for all. Our alternative plan will protect taxpayers, consumers and investors, and get the government out of the business of picking winners and losers in the private sector.

Find out more, and check out our solutions to get control of government spending and help small businesses create jobs, at Johnboehner.house.gov.