My Letter to Senator Scott Brown on Finance Reform

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April 27, 2010 by D Stack

Dear Senator Brown,

As one of your constituents, I am very disappointed in your decision to join in a filibuster of finance reform.

On your Facebook page you stated:

My vote is NOT a vote against financial reform; instead it’s a vote to insist that the parties continue bi-partisan negotiations to come up with a commonsense bill we can all be proud of. As currently written, the legislation contains loopholes that could leave the taxpayers on the hook for future bailouts of Wall Street.

However, this statement does not seem in alignment with the facts about this bill. This bill does not provide for any bailouts. Rather it provides for an emergency fund, to be paid for by the financial firms themselves, not the taxpayers, to be used in order to allow for an orderly liquidation of firms that are about to fail but who are so large the impact of their failure would drag the US economy down with them. In addition, this would not be administered by officials of any presidential administration but rather by the FDIC.

The non-partisan group PolitiFact has evaluated claims that this bill is a bailout paid for by the taxpayers as false. (Source: http://politifact.com/truth-o-meter/statements/2010/apr/20/mitch-mcconnell/bank-bailouts-not-bill-liquidation/, http://politifact.com/truth-o-meter/statements/2010/apr/16/richard-shelby/sen-richard-shelby-overlooks-safeguards-financial-/).

If there are indeed loopholes in the bill, I believe you owe it to me and my fellow constituents to (1) Explain, both to us and to the US Senate, what those loopholes are and (2) Fix those loopholes via debate on the Senate floor, not killing the bill via a filibuster.

I would appreciate your prompt response and action on this matter.

Sincerely,

Daniel M. Stack

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