Manzullo Blasts "Blank Check" Bureaucracy

Here’s the latest press release from 16th District Republican Congressman Don Manzullo:Manzullo: New Finance Bureaucracy Would Give “Blank Check” to Continue Wall Street Bailouts, Economists Say

[WASHINGTON] Congressman Don Manzullo (R-IL) today learned some alarming information during a Financial Services Committee hearing this morning when he questioned two economists about proposed legislation to create an extra bureaucracy to oversee the U.S. financial sector – it would actually create a “blank check” for future Wall Street bailouts.

During Thursday’s hearing on the Administration’s proposed Consumer Financial Protection Agency, Manzullo questioned two esteemed economists on the panel:

  • Jeffrey Miron, Director of Undergraduate Studies at the Harvard Department of Economics, and
  • John Cochrane, Professor of Finance at the University of Chicago Booth School of Business.

Both expressed grave concerns during the hearing.

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