WAIVING REQUIREMENT OF CLAUSE 6(a) OF RULE XIII WITH RESPECT TO CONSIDERATION OF CERTAIN RESOLUTIONS
I would like to thank the gentleman from Texas (Mr. Sessions) for yielding. Mr. Speaker, it would be extremely shortsighted of us to disregard how the underlying bill will increase the debt, its impact on job creation, and how it greatly…
I would like to thank the gentleman from Texas (Mr. Sessions) for yielding.
Mr. Speaker, it would be extremely shortsighted of us to disregard how the underlying bill will increase the debt, its impact on job creation, and how it greatly misses the mark of restoring financial stability.
When Congress passed the TARP bank bailout last year, it was intended to be a 1-year emergency program, not permanent, but this administration has continued the bailouts. Even more troubling, this legislation codifies the bailout authority used by the Treasury Department and the Federal Reserve, leaving taxpayers on the hook.
Who is looking out for the taxpayers? They didn't cause these problems. My constituents in Kansas and folks across the Nation have bailout fatigue. So at a time when folks are struggling to find work and make ends meet, this legislation restricts credit, increases the already record deficits, and kills jobs.
Creating jobs and restoring fiscal responsibility should be the priority in Washington; yet, all Kansans see coming out of Washington are expensive plans to grow government. That's the wrong direction. Instead, this body should end bailouts, protect consumers without restricting credit with smarter, leaner regulations, enact meaningful reform to prevent future collapse, and ensure that any repaid or remaining TARP funds be used to reduce the deficit.
I strongly urge my colleagues to oppose this underlying bill.