What the bill does is create a massive new Washington bureaucracy in the name of consumer protection. The bill would terminate the TARP (Troubled Asset Relief) Program and use the leftover funds to pay for the measure, which is nothing more than a slight-of-hand accounting gimmick. That is money that should be going to reduce the unprecedented $13 trillion national debt, not creating a huge new government agency. I am concerned that as a consequence of this legislation, we will see a constriction of credit and a consolidation of financial institutions, all of which threaten our small banks. Like the recent overhauls of the health care and student loan industries, this bill represents yet another overreach by the federal government.
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