[Congressional Record (Bound Edition), Volume 156 (2010), Part 5]
[House]
[Page 5942]
[From the U.S. Government Publishing Office, www.gpo.gov]




                       STOP THE ENDLESS BAILOUTS

  (Mr. PITTS asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. PITTS. Mr. Speaker, beginning in the fall of 2008, Congress 
approved, and the Bush and Obama administrations began to hand out 
taxpayer money freely to banks and, eventually, auto companies, with 
little transparency and, in some cases, little hope that the money 
would be repaid.
  Now, the Senate is set to consider legislation that will create a 
permanent culture of bailouts on Wall Street. The legislation moves us 
away from sending failed companies into bankruptcy and toward 
government-managed bailouts. There would be a different set of rules 
for the largest firms, rules that create a perverse incentive for these 
companies to take risks, rules that encourage lower rates for the 
largest firms because of the implicit government guarantee. Ultimately, 
we would be creating a dozen new Fannies and Freddies, not reforming a 
broken system of government oversight.
  I think the American people have had enough of bailouts. The Dodd 
bill creates an endless cycle of failure where Wall Street bankers are 
the only ones who come out ahead. It should be stopped.

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