This story appeared in Bank Digest.
During consideration of bailout authority legislation, House Financial Services Committee Ranking Member Spencer Bachus, R-Ala., stated, “The Committee Print of the ‘Financial Stability Improvement Act’ grants unprecedented authorities to the executive branch to expand the government's ‘too big to fail’ policies of the past few years. Regardless of the nomenclature used to camouflage this fact, the provisions of this proposed legislation will give the government practically unlimited power to continue to pour taxpayers’ money into failed businesses whose misguided schemes devastated our economy last year. This cannot continue. It is time, once and for all, to end the bailouts.”


