Another Term Befuddled: Financial Reform

by Ashley Muchow Considering the current financial woes affecting Illinois’s economy, coming to you with more bleak news isn’t fun.  Onward.  Congress has before it the Financial Reform Bill; a reform bill intended to overhaul the financial system as we know it.  But before you begin thanking Washington for coming to the rescue; for protecting...

by Ashley Muchow

Considering the current financial woes affecting Illinois’s economy, coming to you with more bleak news isn’t fun.  Onward.  Congress has before it the Financial Reform Bill; a reform bill intended to overhaul the financial system as we know it.  But before you begin thanking Washington for coming to the rescue; for protecting us from the corporate greed and avarice that led to the financial crisis, best we take a look at the real repercussions of the bill.

Senator Tim Johnson, (D) – S.D. claims the financial reform bill “is an important and long-overdue measure that will help to safeguard the long-term stability of our economy.  The kind of free-wheeling, self-regulating, anything-goes environment that we had before the crisis is simply not an option.”

Au contraire, Mr. Senator.  This overwhelming and backbreaking piece of legislation threatens the very platform that promotes long-term prosperity and job-creation in America – free enterprise and consumer choice.

It’s easy to believe that banks will be punished rather than the American taxpayer; we do have our legislatures claiming that with this bill we, the taxpayers, will receive the retribution we deserve.  What we seem to have forgotten is that when we place more power into the hands of government bureaucrats, we sacrifice individual liberties and, more often than not, end up footing the bill.  The regulation and fiscal punishments set to be enforced on financial entities will soon be taken directly from our wallets in the form of increased fees and interest rates.  Such proposed legislation will make it more difficult for low to moderate-income families to obtain credit and mortgages.  But when will it stop?  It will end when we cease relying on the government to protect us from the evils of free enterprise and begin realizing that less is more, and more has given us less.

ReasonTV has put out video that provides a solid rundown of three core inefficiencies found in the Financial Reform Bill anticipated to pass once it comes before the Senate next week.