Dear Obama Treasury Department: Dodd Plan, Increases, Not Decrease Chance of Future Bailouts
Conn Carroll /
Speaking yesterday to the U.S. Chamber of Commerce’s Fourth Annual Capital Markets Summit, Deputy Secretary of the Treasury Neal S. Wolin made the case for Sen. Chris Dodd’s (D-CT), including this:
This should not be a partisan or ideological debate. As David John of the Heritage Foundation has said, “Taxpayers should never again be forced repeatedly to bail out financial services firms like AIG because a company poses a risk to the entire financial system and regulators lack the necessary tools to close the company safely.”
We are happy to learn that President Barack Obama’s Treasury Department is reading our financial markets analysis, but we are also somewhat alarmed by the misquote used to support the Dodd financial regulation bill. Here is the conclusion to the paper that Wolin asserts supports the Obama financial regulatory scheme: (more…)