HOUSE Republican Leader John Boehner

Washington, Sep 18, 2008 - At his on-camera press briefing today, House Republican Leader John Boehner (R-OH) discussed the current economic uncertainty facing families, seniors, and small businesses amid the turmoil on Wall Street and high energy prices across the country.  With a sharp downturn in housing and financial markets causing angst for millions of Americans, Boehner addressed congressional Democrats’ long-standing refusal to reform Fannie Mae and Freddie Mac, which are widely viewed as being at the heart of the current economic difficulties, and underscored the need to protect taxpayers from unfairly shouldering the burden of massive financial bailouts. 

With just eight days remaining until Democrats are expected to adjourn and send Congress on yet another break, Boehner also noted that Republicans will continue the fight for lower gas prices by insisting that Congress does not skip town before an “all of the above” plan to lower energy costs is signed into law.  Following are excerpts from Boehner’s press briefing:

BOEHNER ON CONGRESSIONAL DEMOCRATS’ LONG-STANDING OBSTRUCTION TO REFORMING FANNIE MAE AND FREDDIE MAC:

“When you look at where the – the root of the problem, the root of the problem started with Fannie Mae and Freddie Mac.  The administration was out there early in their tenure calling for greater regulation of these two entities.  And we saw two powerful Democrats do everything humanly possible to stop that – new regulations from going into effect.  Everyone in this town knew that the regulator for Fannie and Freddie was weak, that it needed to be strengthened, but it was Barney Frank and Chris Dodd who stood in the way of anything moving.  And if you look at the subprime paper that’s out in the marketplace and spread as far and wide as it is, it’s coming out of those two entities.  And when you consider that under these relatively new accounting rules that require financial institutions to mark their assets to market every day, there is no market for subprime paper and even though it may be worth something over the course of its maturity, on a daily basis is not worth much which is bringing down the value of all of these financial institutions.”  (AUDIO)

BOEHNER ON THE NEED TO PUT TAXPAYERS FIRST DURING DIFFICULT ECONOMIC TIMES:

“The situation at AIG raises concerns.  When you’re putting taxpayer funds at risk, I think it is a very serious and sobering moment.  And clearly we’re in a period of economic uncertainty that we have to be concerned about.  You can talk to Secretary Paulson or Chairman of the Fed, Mr. Bernanke about why they proceeded in this direction, but I’m concerned about taxpayer funds being put at risk and it’s something that should concern all of us.”   (AUDIO)

BOEHNER ON DEMOCRATS DAMAGING OUR ECONOMY BY NOT TAKING AMERICA’S ENERGY CRISIS SERIOUSLY:

“And now, with a week left before another break before the elections, they are talking about the need to stimulate our economy.  The best way to stimulate our economy is to do something serious about energy.  And all of the above policies that would create jobs, lower gas prices, lower energy prices and get our economy moving again.  If they are really serious about doing something to help the American economy, a comprehensive, all of the above energy policy would in fact produce the kind of jobs and the kind of lower costs that the American people are looking for.  Their energy bill that was up really was a sham.  It locks up 85 percent of the Outer Continental Shelf.  Eighty-five percent of the known resources are locked up under their plan and even the 15 percent that is supposedly open, there is no incentive for the states to actually open those areas because there is no revenue sharing in their bill.  It really was a hoax, and I think the American people want real action.  And we should not leave here next week until we have a comprehensive energy package enacted into law.  We’ll have a previous question vote here this morning that brings up Mr. McCotter’s resolution that makes clear that we should not leave here until a comprehensive energy reform plan is enacted into law.”  (AUDIO)