Opposes Massive Wall Street Bailout Bill
U.S. Congressman Duncan Hunter (R-CA) voted against legislation today in the U.S. House of Representatives that provides Treasury Secretary Hank Paulson with $700 billion of taxpayer funds to purchase illiquid Wall Street assets.
"The legislation considered today is fundamentally the same bill that had been voted down in the House earlier this week," said Congressman Hunter. "The revised bailout bill includes several notable improvements, such as an increase in the FDIC insurance guarantee and an adjustment of the Alternative Minimum Tax threshold. However, beyond these provisions, the legislation still creates a major exposure for taxpayers and represents one of the greatest government interventions in history. Above all, it fails to address the underlying problems of our economy that should have been the central focus of our efforts.
"Instead of doing what is right, Congress pushed forward a plan that, at its core, is no different than what Treasury Secretary Hank Paulson initially proposed. Now, after already bailing out several financial institutions, costing taxpayers billions of dollars, Secretary Paulson will have access to a new and significantly larger line of credit to bailout more Wall Street investors. I believe this is the wrong approach to addressing the condition of our economy and the failures of our banking system.
"There were several alternatives offered, each presenting less risk to taxpayers than the bailout bill passed today. It is important that as we move forward and evaluate the impact this package will have on our economy, we begin thinking about the next step. Surely, more will have to be done if we truly wish to revitalize and strengthen our economy. We can start by addressing the devaluation of property across America, properly strengthening oversight and transparency, and revising general accounting rules like mark-to-market.
"Taxpayers deserve better."