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Isakson Against Senate Bill
Friday, 21 May 2010

May 21--  U.S. Senator Johnny Isakson, R-Ga., voted against financial regulatory reform legislation because it fails to protect small businesses from additional, overreaching regulation and it exempts two of the biggest culprits – Fannie Mae and Freddie Mac – from increased regulation and oversight.

“We all want to stop the Wall Street abuses that led to our economic crisis in the first place, but this legislation has significant potential to hurt the small businesses, dentists, community banks, funeral directors, doctors and others who had nothing to do with creating this financial crisis,” Isakson said. “Additionally, it is absolutely wrong to leave Freddie Mac and Fannie Mae outside the equation and incorporate every other business on Main Street and on Wall Street. The facts are that Freddie Mac and Fannie Mae started this economic crisis and they are exempt from this piece of legislation."

 

The Senate passed the legislation by a vote of 59-39 on Thursday night.

Isakson, who ran a small business in Georgia for more than three decades, also believes it is a mistake for the Senate to draft reform legislation in the absence of all the facts and contributing factors that led to our economic crisis. Isakson originally introduced legislation to examine the causes of the current economic crisis in January 2009. On April 22, 2009, the Senate overwhelmingly passed an amendment by Isakson to the Senate’s version of the financial fraud bill to create the Financial Crisis Inquiry Commission. President Obama signed the legislation into law on May 20, 2009.

The Financial Crisis Inquiry Commission has a $5 million budget, subpoena powers and 18 months to complete its investigation. The final report of this commission is due to Congress by December 15, 2010, with recommendations to ensure such a market meltdown never happens again.

 
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