Punching Stupid and Evil in the Face Since 1986!

"We are on strike, we the men of the mind. We are on strike against self-immolation. We are on strike against the creed of unearned rewards and unrewarded duties."-John Galt

Tuesday, June 29, 2010

Scott Brown bitch slaps Dodd and Frank

Maybe so folks are actually going to stand up for the little guy in Washington. Maybe it will only happen once, but hey at this point I'll take what I can get. Yesterday Scott Brown, (D-MA) sent a letter to Chris Dodd and Barney Frank telling them he would not support the financial reform bill that came out of conference in the dead of the night last Friday. The reason Brown gave for not supporting the reform bill: the $19 billion in new "fees" (or more accurately TAXES) being levied against the banks. Tax hikes that will certainly be passed on to the consumer and small business.

Dear Chairman Dodd and Chairman Frank,

I am writing you to express my strong opposition to the $19 billion bank tax that was included in the financial reform bill during the conference committee. This tax was not in the Senate version of the bill, which I supported. If the final version of this bill contains these higher taxes, I will not support it.

It is especially troubling that this provision was inserted in the conference report in the dead of night without hearings or economic analysis. While some will try to argue this isn’t a tax, this new provision takes real money away from the economy, making it unavailable for lending on Main Street, and gives it to Washington. That sounds like a tax to me.

I have always strongly opposed a bank tax because, as the non-partisan CBO has said, costs would be passed onto the millions of American consumers and small businesses who rely on major U.S. financial institutions for their checking, ATM, loans or other services. This tax will be paid by consumers who will have to pay higher fees and the small businesses that won’t get the funding they need to invest and create jobs.

Imposing this new tax is the wrong option. Our economy is still struggling. It is wrong to impose higher taxes and ignore the impact it will have on our economy without considering other ways we might offset the costs of the measure. I am asking that the conference committee find a way to offset the cost of the bill by cutting unnecessary federal spending. There are hundreds of billions in unspent federal funds sitting around, some authorized years ago for long-dead initiatives. Congress needs to start to looking there first, and I stand ready to help.

Senator Scott P. Brown

Scott Brown is not my favorite all the time, but this, he gets my approval. Thank you for standing up to these bullies and not "passing it to see what's in it" That isn't how passing new legislation in this country should work.