Jun 30 2010
U.S. Sen. Richard Shelby (R-Ala.), ranking Republican on the Committee on Banking, Housing, and Urban Affairs, today released a statement regarding last minute efforts by Democrat conferees on financial reform to "pay for" the legislation. The amendment Democrats included counts money that is supposed to be returned to taxpayers from the TARP program as an "offset" to separate costs in the financial reform bill. To offset the remaining shortfall identified by the Congressional Budget Office, the amendment also calls for an "assessment" on banks to replace a tax on banks Democrats previously included in the bill. Democrats rejected a Republican alternative that would have truly paid for the legislation by using unspent stimulus funds to cover the costs generated by the bill. Shelby's statement is as follows:
"It's ironic that the Democrats would commit such blatant accounting fraud just after the Supreme Court upheld Sarbanes-Oxley,” said Shelby. “Smoke and mirrors have never been so easy to see through. The Democrats must think the American people don't understand that they are counting money twice while claiming they are holding the line on spending. Unfortunately this amendment is consistent with the rest of the legislation in that it claims to do one thing while really doing another. I hope my colleagues will see this gimmick for what it is and oppose it."