Letter Opposing Misnamed 'Taxpayer Protection Act': Another Beach House Bailout

Letter Opposing Misnamed 'Taxpayer Protection Act': Another Beach House Bailout

October 16, 2012

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On behalf of the millions of citizens represented by the undersigned groups, we write in strong opposition to H.R. 6477, the so-called "Taxpayer Protection Act." Introduced by Representative Albio Sires (D-NJ), this egregiously misnamed piece of legislation could result in enormous taxpayer bailouts for ill-conceived state-based insurance schemes. Far from protecting them, this bill could potentially burden taxpayers with billions of dollars in liabilities by creating a massive federal government-run reinsurance plan and establishing a loan program to facilitate state bailouts.