Jim Risch
Dear Mr. Leman:
Thank you for contacting my office regarding Senate Bill 3217, the Restoring American Financial Stability Act. I appreciate hearing from you.
S. 3217, which was introduced in April by Sen. Chris Dodd, D-Conn., recently passed in the Senate. There are parts of the bill that I support, but ultimately I voted against it. The legislation does not protect taxpayers from bailouts nor does it provide measures to hold accountable companies and individuals who are responsible for the nation's economic problems. This legislation is the Senate's major vehicle for financial reform.
The Constitution allows the federal government to regulate businesses that engage in or impact interstate commerce. Congress must be cautious to the extreme, however, not to enact unnecessary, onerous or overly burdensome legislation or regulations, particularly in times of economic distress.
I will keep your thoughts in mind as additional budgetary and regulatory legislation is considered in the Senate. As we move ahead in the 111th Congress, please know I am committed to working in the best interests of all Idahoans.
Again, thank you for contacting me. Please do not hesitate to contact me in the future on this or other issues.
Very Truly Yours
James E. Risch
United States Senator