Collins Signs Republican Letter Opposing FinReg

Last updated: July 31, 2020 | April 16, 2010 | Anderson Patterson

Brian Beutler at Talking Points Memo reports that Sen. Susan Collins (R-Maine) has signed Minority Leader Mitch McConnell’s letter in opposition to the Democrats’ financial reform bill. Republicans claim — inaccurately, experts say — that the bill will lead to more Wall Street bailouts. Here is the text:

Dear Leader Reid:

We encourage you to take a bipartisan and inclusive approach, rather than the partisan path you chose on health care.

A bipartisan bill should address the damaging financial practices of big Wall Street firms and government-sponsored entities that led to unprecedented taxpayer bailouts and caused our government to take on enormous amounts of debt. We simply cannot ask the American taxpayer to continue to subsidize this “too big to fail” policy. We must ensure that Wall Street no longer believes or relies on Main Street to bail them out. Inaction is not an option. However, it is imperative that what we do does not worsen the current economic climate or codify the circumstances that led to the last financial crisis.

We are united in our opposition to the partisan legislation reported by the Senate Banking Committee. As currently constructed, this bill allows for endless taxpayer bailouts of Wall Street and establishes new and unlimited regulatory powers that will stifle small businesses and community banks.

This is a complex issue that could have unintended consequences on job growth, the ability of Americans and business owners to access credit, and the United States’ role as a worldwide leader in innovation and capital formation. The consequences of this bill will reverberate across our economy for years to come.

We urge you to support the bipartisan negotiations by the Banking and Agriculture Committees. We are confident that the Senate can overcome political tensions and provide a bipartisan approach to financial reform this year.

But today’s events have only made financial regulation reform more popular and more urgent. If Republican leadership plans to filibuster, I would be surprised to see it hold onto all 41 Senators for any period of time. More likely, Republicans and Democrats will agree to various popular amendments to make them both look good after a few weeks of back and forth.

Anderson Patterson | Anderson is a video editor and developer who believes in the power of visual organization. He recently graduated from the University of Washington, where he concentrated on post-production during his studies. He was first exposed to the mystical world of visual art creation while watching his father edit advertisements when he was a child, and he has been working towards his dream of becoming a video editor ever since.