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Rossi says financial bill will kill jobs; mum on breaking up banks

Post by Jordan Schrader / The News Tribune on July 14, 2010 at 5:53 pm with 2 Comments »
July 14, 2010 5:56 pm

Staying on his economic message that Democrats are killing jobs, Dino Rossi said in an interview the financial bill would put people out of work.

Rossi announced earlier today he opposes the new rules for Wall Street, which Sen. Patty Murray says she’ll vote for. “When she casts her vote, she’s casting a vote to kill jobs in Washington State,” Rossi said in the interview.

Big banks can absorb some of the increased cost of doing business that will come with the bill, Rossi said, but not smaller banks that provide credit to their communities.

He said he’s not on the side of Wall Street, as Murray’s campaign accused today, but instead on the side of small bankers and business owners he has met with while campaigning around the state this week.

Another item of note: Rossi isn’t taking sides on whether Congress should prevent future bailouts by stopping banks from growing “too big to fail” in the first place.

In an article Rossi’s campaign cited today to show the bill doesn’t prevent future bank bailouts, a cap on bank size is the first example listed of Congress not going as far as possible to stop bailouts.

But asked if Congress should have capped the size of banks, Rossi demurred. He also declined to say whether the bill should have restored the wall between investment banking and traditional commercial banking, as Sen. Maria Cantwell wanted.

Leave a comment Comments → 2
  1. Rossi, what’s your idea? Do you have any?

  2. tjnpuyallup says:

    fatuous… A specific bill (not a broad policy) was before the US Senate. Murray voted for that specific bill. If you look at the specific bill, it does nothing to address the problems with Fannie Mae or Freddy Mac. Easy home lending to unqualified buyers got us in this mess and they are the two most guilty parties in that.

    The bill Murray voted for gives large, multinational, mega-banks an even greater competative advantage over smaller community banks. I’m sure Bank of America, with its fleet of lawyers and accountants can handle these new regulations, but what about Puyallup Valley Bank? They don’t have an army of lawyers to find all the loopholes to avoid new regulations. Basically, I looks like BofA, US Bank and a few others got together and wrote a bill that would eliminate the majority of their competition, under the giese of ‘reform’ and Patty Murray took the bait.

    Patty Murray has had 18 years, not to mention the entire US Government at her disposal, and she did absolutely nothing about this problem. I can find ZERO record of her commenting prior to this election year that home lending to unqualified buyers was a problem. In fact, she voted for the ‘/regulations’ that required banks to give loans to unqualified buyers under the giese of ‘affordable housing’.

    The good news is by tanking everyones housing values, homes are now affordable.

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