The wave of bank and corporate bailouts in 2008 left many Americans upset and distressed at the irresponsibility of Wall Street banks and national firms, recklessness that nearly led to a full financial implosion.
Since then -- and perhaps more than ever -- Americans have asked for increased accountability and responsibility within these companies.
Now, after a drawn-out partisan battle, the Wall Street Reform and Consumer Protection Act has passed the House and heads to the Senate for what I hope will be a speedy passage. One of the most remarkable aspects of this bill centers on the attention to and respect for taxpayers.
The bill, which is entirely paid for and will not subject any taxpayer to additional costs, eliminates taxpayer-funded bailouts.
Failing Wall Street banks and other companies will undergo orderly dissolution at no cost to the taxpayers.
Congressman Gerry Connolly (Va.-11), who voted for the bill, understands that taxpayers shouldn't be punished when Wall Street banks make irresponsible deals and costly mistakes. He realizes that these institutions should be responsible and accountable for their own failures.
Rep. Connolly's opponent, Keith Fimian, publicly voiced his opposition to the dozens of benefits in this bill.
I find his support for taxpayer-funded bailouts distasteful and disrespectful -- an indication of a sort of reverse Robin Hood, ready to steal money from honest Americans and use it to bail out irresponsible banks and corporations.
I'm relieved that Congressman Connolly, not Mr. Fimian, represents this district.
We don't need a repeat wave of bailouts; we need real solutions to this real problem on Wall Street, and this bill will serve as a crucial first step.
SHEILA D. KOESTER
Woodbridge
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