Teague, Rangel, Frank & Dodd Sitting In A Tree…
Ultra leftist New York Congressman, Charlie Rangel, is under ethics investigation right now by Congress for violating House ethics rules. It has also come to light that Congressman Rangel, who represents Harlem, has failed to pay his income taxes in the past.
Who is one of Harry Teague’s biggest congressional donors, besides Nancy Pelosi? You guessed it….Charlie Rangel! Rangel has given Teague $4,500 since 2008 (http://www.abqjournal.com/news/washington/05233831068newsmetro03-05-10.htm).
Teague and Rangel sitting in a tree……
Harry Teague voted, yet again, for more spending and more big government regulations via the Frank – Dodd bill on June 30th. Teague had voted against the Frank – Dodd bill back in December of 2009 but decided to support it this year. So, now he can say that he ‘voted against it before he voted for it’. John Kerry would be proud.
So what does the Frank – Dodd bill do to American business and job creators? Let’s take a look: (thomas.loc.gov, www.heritage.org)
1. COST & BANK TAX - The Congressional Budget Office (OBO) has put the price tag of Frank – Dodd at $19 BILLION over a ten year span. In order to ‘pay’ for this new $19 BILLION the leftist majority in Congress cancelled the TARP program early. This, in theory, funded $11 billion of the $19 billion needed. Here’s the catch, the government wasn’t going to spend that $11 billion anyway. There were no new TARP loans scheduled! Basically, the radical left majority in Congress, of which Teague is a member, has changed TARP to be a new slush fund for other programs. THAT’S NOT ALL! To help pay for the rest of the $19 billion to fund Frank – Dodd, Congress increased FDIC assessments that hurt both large and small banks. Basically, a new BANK TAX;
2. NEW BANK REGULATIONS VIA VOLCKER RULE - The ‘Volcker Rule’ is the rule curbs proprietary trading by federally approved regulators. Frank – Dodd gives these federal regulators wide interpretation over what constitutes proprietary trading. Basically, this bill gives federal bureaucrats and regulators more un-checked power over banks. Who pays? Consumers;
3. BAIL OUT LOOPHOLES - Though the FDIC’s authority to bail out failed financial institutions was weakened the bill still has many loopholes. For example, the FDIC retains the power to take and re-structure the assets of private companies that favor the politically connected at the expense of creditors. Frank – Dodd also retains the power the Federal Reserve has to extend bail out credit to struggling financial entities;
4. MORE JOB KILLING REGULATIONS - FRANK – DODD creates the Consumer Financial Protection Bureau (CFPB). The CFPB has been given new powers to impose new government regulations on business such as credit limits and etc. The CFPB is a new bureaucracy with very limited oversight which is always bad for business and job creation;
5. INCREASES POWER OF UNION BOSSES – New rules over how corporations are governed in Frank – Dodd will only increase the power of the union bosses. Such unions as the AFL-CIO and SEIU are already organizing to gain influence to control corporations from the inside;
6. NO REFORM OF FANNIE & FREDDIE – Not anywhere in Frank – Dodd is reform of FANNIE AND FREDDIE addressed. Fannie and Freddie, the two entities most responsible for the housing collapse, are given a free pass in Frank – Dodd;
Once again, Harry Teague votes to expand big government power and regulation over private business and private citizens.
Unemployment is higher. Business expansion is down. The size of big, bloated government keeps growing.
We can’t afford two more years of Harry Teague.
