HOUSE Republican Leader John Boehner

Washington, Sep 14, 2009 - House Republican Leader John Boehner (R-OH) issued the following statement in response to the President’s remarks on financial regulatory reform in New York City today:

“Missing from the President’s remarks today was a clear exit strategy for the federal government’s involvement in the private sector. American taxpayers have had enough of open-ended bailouts that have left them stuck with an eye-popping tab in the form of trillions in new debt. This generational theft must end. If the President wants to restore consumer and investor confidence, he should work with Republicans in Congress to craft policies that help hard-working families and small businesses weather this storm and get back to creating good-paying jobs.

“With consumer spending just about frozen and unemployment near double-digit levels, the last thing we need are new layers of bureaucracy and burdensome regulations that restrict access to financial products and discourage economic growth. House Republicans have delivered a to reform our financial system smartly by bolstering anti-fraud protection efforts, streamlining the hodge-podge of confusing federal agencies, and strengthening transparency and accountability so that consumers can make informed choices. We hope Democrats will work with us on responsible solutions as Congress moves forward on this issue.”

NOTE: In July, House Financial Services Committee Republicans introduced common-sense regulatory reform legislation – the Consumer Protection and Regulatory Enhancement Act (H.R. 3310) – to ensure that (1) the government stops rewarding failure and picking winners and losers; (2) taxpayers are never again asked to pick up the tab for bad bets on Wall Street while some creditors and counterparties of failed firms are made whole; and (3) market discipline is restored so that financial firms will no longer expect the government to rescue them from the consequences of imprudent business decisions.