ALG Statement on Obama Signing Financial Takeover Bill

ALG Statement on
Obama Signing Financial Takeover Bill

July 21st, 2010, Fairfax,
VA—Americans for Limited Government President Bill Wilson today issued the
following statement in response to the
signing of the Dodd-Frank financial takeover bill into
law
:

“Today, Barack Obama claimed that ‘the
American people will never again be asked to foot the bill for Wall Street’s
mistakes,’ and yet that is exactly what the Dodd-Frank financial takeover will
do — it contains a hidden tax to finance a perpetual bailout fund.

“This is taxation without
representation. The Dodd-Frank bill authorizes the FDIC to levy
without any vote in Congress an unlimited bank tax on bank holding and insurance
companies with $50 billion or greater in consolidated assets
, the costs of
which will be passed on to consumers of financial products, savers, and
investors, with more fees, higher premiums, and other hidden
costs.

“The bank taxes, which the American
people pay for, will finance a so-called ‘orderly liquidation fund’, which will
be used to bail out politically-favored firms and seize disfavored ones,
redistributing their assets to privileged constituencies, as GM and Chrysler
were redistributed to labor unions.

“Since Obama is saying that bailouts
and government takeovers will ‘never again’ occur, he bears responsibility for
signing a bill into law that institutionalizes ‘too big to fail’ and ensures
that the next time there is a crisis the American people will be on the hook,
paying hidden taxes to fund more government interventions to prop up failing
institutions, all without any vote in Congress.”