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McCain Deregulation Agenda Would Be Disasterous for Middle Class Americans

Date: Sept. 24, 2008
Location: Washington, DC
Issues: Finance and Banking Health and Health Care


McCAIN DEREGULATION AGENDA WOULD BE DISASTROUS FOR MIDDLE CLASS AMERICANS -- (House of Representatives - September 24, 2008)

Mr. PALLONE. Mr. Speaker, the crisis on Wall Street is a direct result of the Bush administration's refusal to properly regulate the financial industry. Unfortunately, Senator McCain is a strong supporter of deregulation.

In March, Senator McCain said, ``I am always for less regulation ..... I'd like to see a lot of the unnecessary government regulations eliminated.'' In May he told the Wall Street Journal, ``You are interviewing the greatest free trader you will ever interview, and the greatest deregulator you will ever interview.''

Senator McCain even endorses extending the same kind of regulation that has created chaos in the financial industry to our health care system. In an opinion piece this month, the Senator writes, ``Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of State-based regulation.''

Mr. Speaker, our Nation can't afford another 4 years of Wall Street running amok. It's time for change, and that is not Senator McCain.


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