DownsizeDC.org
May 19, 2010
URGENT: Oppose the unconstitutional financial regulation bill
By James Wilson

Majority Leader Harry Reid wants a vote on Chris Dodd's financial regulation bill as soon as Thursday.

In recent weeks, we've exposed several dangers of this bill, but the most important is that the bill is unconstitutional. In fact . . .

In the bill's 1,336 pages, no provision of the Constitution is ever mentioned!

This is why we need the Enumerated Powers Act (EPA).

The EPA requires that every bill must specify its source of Constitutional authority. This would . . .

* make Congress be more deliberate
* or induce them to make propose tortured constitutional rationales that will discredit them in courts of law and public opinion

Most importantly, the failure of members of Congress to support the EPA exposes their contempt for the Constitution.

The Enumerated Powers Act has 68 cosponsors in the House. You can see their names by clicking "show cosponsors" on this page.

The Senate version has 23 cosponsors which you can see by clicking "show cosponsors" here.

Please tell Congress to oppose the financial reform bill and to pass the Enumerated Powers Act instead.

You may borrow from or copy this letter, or adapt it if one or more of your representatives has already sponsored the bill . . .

The so-called Financial Reform Bill is a great example of why we need the Enumerated Powers Act. It doesn't cite any provision of the Constitution.

That's probably because you know as well as I do that our financial system is already unconstitutional. Nowhere in the Constitution is Congress given authority . . .

* to monopolize our currency by enacting legal tender laws
* to create a national bank such as the Federal Reserve, and authorize it to create money out of thin air
* or to delegate rule-making to the Executive Branch

These unconstitutional powers led to the financial meltdown:

* the monopolized money was inflated by the Fed, which encouraged mal-investment
* and a web of complicated regulations and tax laws distorted Wall Street behavior

Yet, on top of these unconstitutional powers, Congress wants to . . .

* add regulations that deny customer choice
* empower unelected bureaucrats to take over companies without due process or oversight

Instead of reforming the system, this bill makes it worse! Instead of more unconstitutional laws promoting central control and regulation, genuine reform would draw us back to Constitutional limits and promote freedom. For now . . .

Honor your oath of office. Oppose the unconstitutional financial "reform" bill. Promote reform that complies with the Constitution.

The best way to begin is by passing the Enumerated Powers Act.

END LETTER

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Jim Babka
President
DownsizeDC.org

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