William Barnes on Budget & Economy
A: I favor the bill. because we had protections in place going back as far as the 1930's that prohibit a lot of foreign investments in our country, prohibited banks from going in other areas of business other than banking--into insurance, for example. What we had the last 24 years or so was a relaxation--deregulation--of that and it's what's brought us to where we're at economically. Those rules and regulations in the 1930's were put there to help prevent what has happened with business becoming "too big to fail" as we've termed it. It's time we went back and re-evaluated that and put back into place those rules and regulations that prevent big business from taking over the lives of our citizens.
Q: Shelby's the ranking member on that committee now...
A: Yes he is. And he was the chair of the banking and finance committee when this deregulation took place.
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