Capito Weighs in on Conclusion of Financial Services Conference Committee

Press Release

Yesterday, the bipartisan, bicameral Financial Services Conference Committee completed debate on the most comprehensive financial regulatory reform bill since the Great Depression. Congresswoman Shelley Moore Capito (R-W. Va.), member of the House Financial Services Committee and ranking member on the Subcommittee on Housing and Community Opportunity, was one of six Republican House members appointed to serve on the Conference Committee.

"Throughout this long, arduous process, I have had the interest of the American taxpayer at the forefront of my mind. When debating "too big to fail,' I maintained that taxpayer dollars should not be used to cover mistakes made on Wall Street or by any private corporation in the future. When considering tax-payer funded bailouts, I insisted that the threat of bankruptcy should always be in place, preventing banks from carrying out overly-risky behavior. I argued that true financial reform cannot be accomplished without addressing the status of mortgage behemoths Fannie Mae and Freddie Mac.

"When it comes down to it, the message I want to get across to the American people is that the government needs to stop playing CEO with taxpayer dollars and get out of the business of picking winners and losers. Unfortunately, the legislation that will now go to the House and Senate for final passage only perpetuates the bailout culture. Americans expect and deserve Congress to be on the side of Main Street, yet this bill proves the Democrats' willingness to rescue Wall Street at any cost."

Rep. Capito is a conferee on the Financial Services Conference Committee.

She is Ranking Member of the Subcommittee on Housing and Community Opportunity which oversees the Department of Housing and Urban Development, related federal agencies and tackles issues ranging from affordable housing to government-sponsored mortgage insurance programs, and the National Flood Insurance Program. She is also a member of two additional subcommittees: the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and the Subcommittee on Financial Institutions and Consumer Credit.

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