[Congressional Record (Bound Edition), Volume 156 (2010), Part 9]
[House]
[Page 12534]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              {time}  1010
                 MISGUIDED FINANCIAL REGULATORY REFORM

  (Mr. COFFMAN of Colorado asked and was given permission to address 
the House for 1 minute and to revise and extend his remarks.)
  Mr. COFFMAN of Colorado. Mr. Speaker, I rise today to express my 
profound disappointment that yesterday, the House passed an ill-advised 
conference report for the financial regulatory reform bill. This 
legislation will create a permanent bailout fund for financial 
institutions. It neglects to reform or place any safeguards on two of 
the main culprits in this ongoing mess, Fannie Mae and Freddie Mac; and 
the Federal Government guarantees more than $1.7 trillion of their 
debt.
  This misguided bill would create a new government bureaucracy 
providing unelected Federal bureaucrats the power to determine the 
types and terms offered by financial products. I have severe 
reservations about such an action, as it will simply serve to make 
obtaining credit more unavailable. Finally, this act would be paid for 
in part by redirecting $11 billion in TARP funds. Unspent TARP funds 
must be used to pay down the national debt. Instead, this Congress is 
attempting to utilize these moneys for further increased spending at 
times when Americans continue to struggle to make ends meet.
  I urge the Senate to vote ``no'' on the conference committee report.

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