John Boehner - 8th District of Ohio

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Sep 21, 2008

Washington - Congressman John Boehner (R-West Chester) issued the following statement this evening regarding the ongoing discussions between Treasury Department officials and Congress on the Administration’s proposal to help stabilize the economy and financial markets:

“After consulting with officials from the Federal Reserve, the Treasury Department, and my colleagues in the House, it is clear that we face a challenge that threatens the very foundation of our economy, including the bank accounts, retirement savings, and jobs of millions of Americans.  The American people are mad as hell that we are in this situation and so am I, but we need to work together, in a bipartisan way, to solve this economic crisis.  This is not the time for political blame games.  This situation is the result of a broken Washington that failed to rein in the excesses at Fannie Mae and Freddie Mac, and an outdated regulatory structure that has failed the American people and should have been reformed long ago.  

"Now, the Administration has submitted a proposal to help, and all of us on Capitol Hill are reviewing it.  That proposal should be considered by the House without additional, unrelated spending that could imperil speedy action on behalf of American families, retirees, and small businesses.  Just as importantly, we must protect taxpayers and ensure that any funds generated by this proposal will be applied to the general fund to reduce our federal budget deficit.  We in Congress, as a co-equal branch of the federal government, also need a serious oversight role in the process that Secretary Paulson has proposed.  I would suggest a Joint Select Committee as the mechanism for that oversight, but I am open to other suggestions.  

“Finally, in the interest of openness and sunshine, it is in the best interest of the American people for any legislative proposal to be available on the Internet at least 24 hours before Congress considers it.  This issue is important to every American who is saving for retirement or college, or running a small business or family farm.  Frankly, it is important to every American with a checkbook or an ATM card.  I look forward to working with all my colleagues to do what is necessary to get the American economy back on track, both in the short term, as we consider this proposal, and in the long term by stopping job-killing tax hikes, cutting wasteful Washington spending, and unlocking America's energy resources to bring down gas prices and create new American jobs.”