House Minority Leader John Boehner, on the financial reform bill now being finalized in Congress for adoption and signing by President Obama:
“This is killing an ant with a nuclear weapon. There are faults in our regulatory system, some in terms of transparency, most as a result of ineffective enforcement by the bureaucracy who have no idea what these financial products look like today. That could’ve been fixed, but that’s not what we have here.
This bill institutionalizes too big to fail, puts the government on the hook and gives them the ability to bail out anyone, and allows these unelected bureaucrats to make decisions on behalf of the government in terms of who they’re going to bail out, who they’re going to take over, who they’re going to control, whether they’re a financial firm or not….
I just hope this bill is out there for several weeks so that the American people can see it and the American people can understand it.”
President Obama, in remarks to be delivered at a townhall meeting in Racine, Wis., today:
“Most of our friends in the other party are planning on voting against this reform. In fact, just yesterday, I was stunned to hear the leader of the Republicans in the House say that financial reform was like using a nuclear weapon to target an ant. That’s right. He compared the financial crisis to an ant. The same financial crisis that led to the loss of nearly eight million jobs. The same crisis that cost people their homes and their lives’ savings.
Well, if the Republican leader is that out of touch with the struggles facing the American people, he should come here to Racine and ask people if they think the financial crisis was an ant. He should ask the men and women who’ve been out of work for months at a time. He should ask the Americans who send me letters every night that talk about how they’re barely hanging on.
These Americans don’t believe the financial crisis was an ant. They know that it’s what led to the worst recession since the Great Depression. And they expect their leaders in Washington to do whatever it takes to make sure a crisis like this never happens again.”