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Demand Accountability in the Bailout Package

Floor Speech

Location: Washington, DC

DEMAND ACCOUNTABILITY IN THE BAILOUT PACKAGE -- (House of Representatives - September 23, 2008)

(Mr. KIRK asked and was given permission to address the House for 1 minute and to revise and extend his remarks.

Mr. KIRK. Mr. Speaker, let me strike a more bipartisan tone. Given the dire economic warnings that we see, Republicans and Democrats in this House must pull together to save the jobs and the economy for working Americans. But if there is to be a bailout, it must be a bailout with consequences. We should include a prohibition on taxpayer dollars being used for senior officer salaries or golden parachutes and require the termination for senior officers who are receiving aid.

Federal regulators rightly blocked the golden parachutes for the failed leaders of Fannie Mae and Freddie Mac. We should now set that precedent into law. If you get a taxpayer bailout, you lose your job and your parachute.

In the Navy, we know how to deal with this. If a skipper runs his ship aground, he is immediately relieved of command.

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