Johnny Isakson, United States Senator from Georgia


FOR IMMEDIATE RELEASE Thursday, May 6, 2010 Chambliss, Isakson Disappointed in Democrats’ Failure to Protect Main Street from Unintended Consequences of Financial Reform Bill WASHINGTON – U.S. Sens. Saxby Chambliss, R-Ga., and Johnny Isakson, R-Ga., today made the following statements after the Senate defeated an amendment that would have protected small businesses from additional, overreaching regulation. The amendment to the financial reform bill, offered by Sen. Richard Shelby, R-Ala., failed by a vote of 38-61. Chambliss and Isakson said the small businesses on Main Street did not contribute to our financial crisis and should not be punished with the overreaching regulation in the bill that is meant to rein in Wall Street. “We need to provide our regulatory agencies with the additional oversight they need to make sure the financial breakdown that occurred in 2007, 2008 and 2009 does not happen again,” said Chambliss. “However, we don't need to overreach and subject small businesses that had nothing to do with creating this financial meltdown to complicated regulations. I’m disappointed this amendment failed because it would have protected Main Street from the unintended consequences of this bill.” “We all want to stop the Wall Street abuses that led to our economic crisis in the first place, but this legislation has significant potential to hurt Main Street,” Isakson said. “This amendment would have gone a long way toward protecting small businesses, dentists, community banks and doctors who had nothing to do with creating this financial crisis.” Numerous organizations voiced support for this amendment, including: International Franchise Association Society of American Florists The National Business Coalition on E-Commerce and Privacy The National Ready Mixed Concrete Association National Retail Federation U.S. Chamber of Commerce American Escrow Association Electronic Transactions Association National Association of Wholesaler-Distributors National Federation of Independent Business National Roofing Contractors Association ###
E-mail: http://isakson.senate.gov/contact.cfm Washington: United States Senate, 120 Russell Senate Office Building, Washington, DC 20510 Tel: (202) 224-3643 Fax: (202) 228-0724 Atlanta: One Overton Park, 3625 Cumberland Blvd, Suite 970, Atlanta, GA 30339 Tel: (770) 661-0999 Fax: (770) 661-0768

FOR IMMEDIATE RELEASE
Thursday, May 6, 2010

Chambliss, Isakson Disappointed in Democrats’ Failure to Protect Main Street from Unintended Consequences of Financial Reform Bill

WASHINGTON – U.S. Sens. Saxby Chambliss, R-Ga., and Johnny Isakson, R-Ga., today made the following statements after the Senate defeated an amendment that would have protected small businesses from additional, overreaching regulation.

The amendment to the financial reform bill, offered by Sen. Richard Shelby, R-Ala., failed by a vote of 38-61. Chambliss and Isakson said the small businesses on Main Street did not contribute to our financial crisis and should not be punished with the overreaching regulation in the bill that is meant to rein in Wall Street.

“We need to provide our regulatory agencies with the additional oversight they need to make sure the financial breakdown that occurred in 2007, 2008 and 2009 does not happen again,” said Chambliss. “However, we don't need to overreach and subject small businesses that had nothing to do with creating this financial meltdown to complicated regulations. I’m disappointed this amendment failed because it would have protected Main Street from the unintended consequences of this bill.”

“We all want to stop the Wall Street abuses that led to our economic crisis in the first place, but this legislation has significant potential to hurt Main Street,” Isakson said. “This amendment would have gone a long way toward protecting small businesses, dentists, community banks and doctors who had nothing to do with creating this financial crisis.”

Numerous organizations voiced support for this amendment, including:

International Franchise Association
Society of American Florists
The National Business Coalition on E-Commerce and Privacy
The National Ready Mixed Concrete Association
National Retail Federation
U.S. Chamber of Commerce
American Escrow Association
Electronic Transactions Association
National Association of Wholesaler-Distributors
National Federation of Independent Business
National Roofing Contractors Association

###

E-mail: http://isakson.senate.gov/contact.cfm

Washington: United States Senate, 120 Russell Senate Office Building, Washington, DC 20510
Tel: (202) 224-3643 Fax: (202) 228-0724
Atlanta: One Overton Park, 3625 Cumberland Blvd, Suite 970, Atlanta, GA 30339
Tel: (770) 661-0999 Fax: (770) 661-0768