Dear Friend,

As most of you are, I am sick of all the government bailouts that haven’t delivered on their big promises. I just learned about Congressman Barney Frank's new proposal today that includes both more bureaucracy and another new czar. It is called the Barney Frank Bailout Bill (H.R. 4173) and it smells exactly like all the other reckless spending legislation Washington is pushing through Congress these days.

You may not have heard about this bill yet. But the Democrats are determined to pass it so I wanted to make sure you’re aware. I’m opposed to this bill and will fight against it. As with the government taking over our health care, this bill will take over your personal finances. It is over 1200 pages long and creates a permanent $200 billion bailout fund for financial lending institutions which you will pay for in the form of fees handed down by your bank.

The czar created in this legislation will decide what credit products you should be able to choose from. The legislation could increase interest rates by 1.5% and will cost over 1 million jobs. Unless you are a trial lawyer or a Washington bureaucrat there aren’t too many upsides for consumers.

As always, please feel free to contact me on this issue or any others.

Sincerely,

Kay Granger