This Friday Senate Bill 3217, also known as the Restoring American Financial Stability Act of 2010, introduced by Democrat Senator Chris Dodd of Connecticut, is scheduled to hit the floor of the US Senate where it must wait 72 hours before it comes up for a full vote. CLICK HERE to read the actual 1,421 page bill.

The vast majority of Tea Party Patriots’ Local Coordinators from all over the country agreed on our most recent weekly conference call that this is a bad bill and we oppose it.
In short it grants permanent, unlimited bailout authority to the Federal Reserve. It’s like TARP forever without the nasty, unpopular debates and votes in Congress. Beyond that it gives the Fed the power to takeovervaguely defined “nonbank financial companies”. And the Fed has the power to decide what constitutes a “nonbank financial company” on a case by case basis.
Here are some links to a few articles that give a bit more insight into this very, very bad piece of legislation which must be stopped:

Got this email from Tea Party Nation this evening:

Bailout Bob Corker, (RINO-TN) is at it again

The liberals have three major agendas they want passed this year.  The first was health care, the second is financial overhaul and the third is cap and tax.
While the liberals were able to take over 1/6 of the economy with healthcare, they are now trying to take over the remaining 5/6 with “financial reform” legislation.
This bill, written by Chris “Countrywide” Dodd, is a permanent bail out of the financial sector.  It provides for advance funding for government take overs of banks. Although Corker denies this, it is a permanent bailout.
Until now, all 41 Republican Senators had stood firm, providing a filibuster that the liberals could not break.  Now, that is changing.  Corker has been signaling his willingness to work with Chris Dodd. This bill does nothing for the American people.  It will only allow the government to control even more of our economy.
Corker needs to hear from all of us, regardless of whether you live in Tennessee. Call his offices as soon as you can and tell him not to compromise with Chris Dodd, and not to support this “financial reform.”

Nashville 615-279-8125

Knoxville 865-637-4180

Memphis 901-683-1910

Chattanooga 423-756-2757

Tri-Cities 423-323-1252

Jackson 731-424-9655

Washington DC 202-224-3344

Send this email to your friends and encourage them to call Corker’s offices.  The Obama/Pelosi/Reid axis of fiscal evil are on the move again and Bailout Bob Corker is the one vote that could stop this.

Call him today!