Emergency Economic Stabilization Act Of 2008
Madam Speaker, 11 days ago, the Bush administration came to Congress with a $700 billion emergency ``handout plan'' for its friends on Wall Street. The Bush plan had zero accountability and allowed Wall Street executives to push their bad…
Madam Speaker, 11 days ago, the Bush administration came to Congress with a $700 billion emergency ``handout plan'' for its friends on Wall Street. The Bush plan had zero accountability and allowed Wall Street executives to push their bad investments and losses on to American taxpayers. Then, after the American people cleaned up the mess and we righted the ship, the Bush plan would allow these same Wall Street executives to once again make obscene incomes and bonuses. A return to business as usual.
Madam Speaker, the good news today is that the bipartisan legislation negotiated with the Bush Administration coming before Congress holds Wall Street accountable. It provides for independent oversight and transparency. It protects taxpayers by requiring the Administration to report back on the program's progress and allows for corrections to be made if the program does not work. It eliminates excessive executive compensation and ensures that every tax dollar spent to purchase illiquid assets is an equity investment that gives taxpayers an upside. Once we are through this crisis, the legislation ensures that any taxpayer losses are repaid by the industry.
The events over the past weeks have shown that Main Street has rightfully lost confidence in Wall Street because this Administration has eliminated safeguards and turned regulatory oversight over to the industry. I want Americans to know that this legislation is not a silver bullet, and that by itself will not fix the economy. We still have tough times ahead. I can tell you as an entrepreneur and businessman for almost thirty years that our economy is on the brink and inaction is not an option. A vote for this legislation is a vote to protect every American's investment in their homes, their savings, and their businesses. I call on all my colleagues to support this bill.