Spratt Votes to Allow Federal Government to Seize Businesses

Earlier today Congressman John Spratt voted in support of House Bill 4173, the Wall Street Reform and Consumer Protection Act of 2009. This is the sweeping financial “reform” that President Obama has been touting since he began his campaign for office last year. Of the many things this bill will do, not only will it create another Federal bureaucracy, but it will also allow the Federal government to seize and shut down businesses that they think could harm the economy. Exactly who makes that determination? John Spratt? Other members of Congress who can’t even manage the American economy? Perhaps it will be unelected bureaucrats and cronies of the political party running Washington at that time?

How could John Spratt think that the American people could support giving the Federal government the authority to take someone’s business from them the way Hugo Chavez does in Venezuela or the way the Mao Zedong did in China? Such power is unconstitutional and should it get signed into law, I hope someone in the financial industry will take this to the Supreme Court.