The Truth or Dare blog points out that U.S. Rep. Walter Jones (NC-3) was one of only three Republicans who voted for the “Wall Street Reform” legislation last week, a bill that even 18 Democrats chose not to support.
The bill, listing just a few aspects of what it contains, dictates hiring quotas for financial firms, allows the federal government to take over what it deems “troubled” firms, and will regulate credit cards through the Bureau of Consumer Financial Protection.
The blogger contacted Rep. Jones’ office and asked for a statement regarding his decision to vote yes on the bill. A portion of his reply follows:
“With regards to the financial regulatory reform legislation, the Congressman acknowledges that the bill is far from perfect. There are many aspects of it he does not support, and it did not address some of the major problems that caused the financial crisis, namely Fannie Mae and Freddie Mac. However, it did include several provisions that he believes are important to reforming the financial sector and protecting American taxpayers and investors. For example, among other things, the Congressman strongly shares Congressman Ron Paul’s belief in the need to audit the Federal Reserve, which this bill will require. It also dramatically improves oversight and accountability of the derivatives market, the highly complex instruments which Warren Buffet has called ‘financial weapons of mass destruction.’”
She raises some good questions in response: what provisions does he support or oppose? What questions did he ask about the legislation before voting? And why pass such a bill before November?
The two other Republicans who voted for the measure were Rep. Joseph Cao (R-LA) and Rep. Castle (R-DE). Be sure to read the rest of Lisa’s questions to Rep. Jones as she continues to follow up with him.
So, just because there was a few good things in the Bill we vote for it? Where is taking it back to redo what we don’t like? The main things that were in the Bill were the things that sent us down the road to financial ruin, with Fannie Mae & Fredie Mac and 2 main characters that were in charge of that, wrote this Bill! What kind of people do we have in Washington who can not see the light or think for themselves? Very upset with this decision. All of you in government think that we are too stupid to even think for ourselves!!!
Although I have high regard for Rep. Jones, I am sorely disappointed that he voted in favor of this legislation…which I believe to be one of the worst pieces of legislation in the history of financial regulation. The collapse could have been avoided if regulators had followed sound banking and investment principals which have stood the test of time. Nothing else was needed, had they only done their jobs to begin with.
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