SENATE Key Vote - Dodd-Shelby Housing Amdt.
KEY VOTE ALERT
"NO" on Dodd/Shelby Housing Bill (Amdt. 4983)
The Club for Growth urges all Senators to vote "NO" on the Dodd/Shelby substitute amendment (#4983) to the Housing Bill (H.R. 3221). This key vote will be part of our 2008 Congressional Scorecard.
This bill amounts to a massive bailout that would create adverse consequences and provide no pro-growth solutions.
The bailout creates the moral hazard of rescuing an industry that made poor lending decisions. It also creates another moral hazard, allowing people to purposely default their loans so that they can become eligible for a FHA-backed mortgage. And since a person can't be denied coverage because of a low credit score, taxpayers could be on the hook for billions of dollars in defaulted mortgages. This could ultimately lead to higher taxes that would only worsen the housing situation even more. The bill would also create a huge special-interest slush fund making it easier for lobbyists and lawmakers to fund organizations who support anti-growth policies.
Our Congressional Scorecard for the 110th Congress provides a comprehensive rating of how well or how poorly each member of Congress supports pro-growth, free-market policies and will be distributed to our members and to the public.
