Chambliss speaks on finance, oil spill -, South Georgia News, Weather, Sports

Chambliss speaks on finance, oil spill

By Jim Wallace - bio | email

ALBANY, GA (WALB) –   Senator Saxby Chambliss says the new financial reform bill will hurt small South Georgia business.

He says small businesses like dentists, orthodontists, funeral directors, and other businesses that accept monthly payments, will feel the biggest impact of the regulatory reform legislation.

"Any retail establishment that charges any amount of interest on a monthly basis is going to be subject to huge federal regulations. That's not what we need to be doing in times when we are trying to create jobs in the small business community."

Senator Chambliss said the bill would do little to stop the lending practices that led to the economic crisis, because Freddie Mac and Fannie Mae, are exempted from the oversight.

Chambliss said the oil spill in the gulf may turn into one of the biggest and most expensive environmental disasters in U. S. history.

And even though British Petroleum does not have "bottomless pockets," he says the oil company will have to pay for the clean up.

Chambliss said investigations and study are needed to find out what caused the oil rig explosion, and then come up with plans to make sure it never happens again. 

"It's pretty obvious here that BP did not have a disaster plan in place. I fault BP for that. They are going to have to suffer for the financial consequences of that."

Senator Chambliss said federal authorities don't need to make "knee jerk decisions" on the gulf oil crisis, until they have had time to study what caused the spill and what it will take to clean the gulf.

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