End Bailouts Once And For All

Floor Speech

(Ms. FOXX asked and was given permission to address the House for 1 minute.)

Ms. FOXX. What's the difference between an ``orderly liquidation fund'' and a taxpayer-funded bailout? There is no difference.

Senate Democrats say they need $50 billion to create a new fund so the government can ``wind down'' failing financial firms. House Democrats want $100 billion more. Both bills increase taxes on consumers at a time when they can least afford it.

Once the bailout fund is in place, government bureaucrats will decide which Wall Street firms are too big to fail, and then they'll use your hard-earned dollars to pay off the firm's creditors. Sound familiar? It's what they did for companies like AIG with the $700 billion TARP bailout.

Now Democrats are pushing ``TARP Two.'' They want to give the government the power of a permanent bailout fund to get back in the game of deciding which of their Wall Street friends to rescue. And their bill does nothing about Fannie Mae and Freddie Mac--the two enterprises at the heart of the economic meltdown.

Republicans have better solutions. Our measure deals with Fannie and Freddie and places failed firms into bankruptcy. It also provides better and smarter regulatory reform, stops the policy of ``too big to fail,'' and protects taxpayers by ending bailouts once and for all.

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