AUSTIN – In response to yesterday’s vote on the Dodd-Frank financial regulation bill, Americans for Prosperity-Texas Director Peggy Venable issued the following statement:

“We commend Senators Kay Bailey Hutchison and John Cornyn for holding firm and opposing the disastrous Obama-Dodd-Frank big bank bailout bill that will cost taxpayers billions.

“This bill will all but guarantee future bailouts. It does nothing about Fannie Mae and Freddie Mac. It takes the choice of ‘credit or debit’ away from consumers. It creates a new federal agency with thousands of bureaucrats that will tie up everyday financial transactions in red tape. It will not prevent another financial crisis, but it will dramatically expand the size, cost, and intrusiveness of the federal government.

“AFP-Texas members appreciate that Senators Hutchison and Cornyn opposed this terrible legislation, and when they struggle against the red tape of the bill’s new federal bureaucracy they will remember that it was the 60 senators who voted for the bill who are responsible.”