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Contact: Mary Vought
202-226-8655
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Bachmann Statement on the Federal Government's Financial Market Bail-Outs
Congress Should Not Adjourn Without Fully Analyzing the Consequences of its Actions
Washington, D.C.,
Sep 19 -
Today, U.S. Representative Michele Bachmann (MN-6), a
member of the House Financial Services Committee, made the following
statement in response to the federal government’s expected proposal to
further bail-out troubled financial institutions:
“Right now there are a whole lot more questions than answers. Number
one amongst them: Exactly how much taxpayer money are we talking
about? I have been told this could be somewhere in the realm of half a
trillion dollars. Add to that the $900 billion of tax dollars we have
already obligated for the purchase of Bear Stearns, Fannie Mae, Freddie
Mac, and AIG. Every American family is already on the hook for a half a
million dollars to pay projected long-term net liabilities for
entitlement spending. Where does it end?
“This matter is far too serious and has far too significant
consequences for our economy to push through Congress with anything
less than full consideration. Congress, Treasury and the Fed aren’t
playing with Monopoly money. Real people’s futures are at stake; yet
we’re planning to act without thorough analysis – or, frankly, hardly
any analysis at all. This worries me; but what worries me more is that
Democrat leadership doesn’t appear worried enough.
“At present, reports are that this proposal that doesn’t even exist yet
will bypass the Committee process and be sent directly to the House
floor next week. Democrats have announced their plan to have the
proposal signed into law before the election. Our target adjournment
date is an artificial deadline, yet Democrat leadership is fully
prepared to push this estimated half-trillion-dollar package through
based on that deadline.
“We clearly have a full plate of work ahead of us with the financial
markets crisis, not to mention our energy crisis. Congress should not
even consider adjournment without a long, hard look at this issue and a
full analysis of the consequences of its actions. Our job is to do the
people’s work.
“I understand the financial crisis we are facing and I fully comprehend
the consequences of inaction. But, if history has taught us anything
it’s that any time Congress or federal regulators react too quickly,
they gloss over details, there are unintended consequences, and we end
up having to pick up the pieces of a new problem created as a result of
hasty action.”
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