For Immediate Release. Monday, May 24, 2010 As was the case with the landmark health care legislation, no one is exactly sure what is in it the 1,500 page financial overhaul bill that was rushed through the Senate as the Wall Street Reform and Consumer Protection Act of 2009 (H.R.4173-As amended by the Senate) was passed on Thursday, May 20, 2010 by a 59-39 vote.
The far-reaching new financial rules will do nothing to prevent another economic crisis that brought the economy to the brink of collapse two years ago and cost millions of Americans their jobs and savings, said Dr. Joel P. Rutkowski, President of the American Voice Institute of Public Policy.
The only policy solution for President Barack Obama and the Democrat-controlled Congress is more taxes and new massive bureaucratic control over America's industries. However, such actions in the long-term will only be detrimental to the economic growth of America as this nation's businesses and financial system will be at a competitive disadvantage globally, forcing capital to relocate from America to other desirable markets.
Dr. Rutkowski added, There is no doubt that the next financial crisis will put the last one to shame as a result of this 'reform.' The legislation fails to even address the blatant problems and without accountability gives bureaucrats more power and discretion.