From time to time my office distributes press releases and written statements on state and national issues, debate in the Senate, and legislation that I am working on. For your convenience, I post these documents on my site for your review.
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Senator Sessions Comments on Bailout Legislation
“It is clear that we face significant challenges that threaten our future economic growth. Government can and should be part of the solution, but we should tailor its role to have maximum benefit with minimal market interference.
“Though well-intentioned, the Administration’s plan represents unprecedented governmental intervention in the economy. Its enactment will be a signal to the world that America has turned its back on the free market. The burden has been on the Secretary of the Treasury to explain with specificity what happened to our financial markets and how his extraordinary proposal will help. As a steward of taxpayer money, I do not believe that burden has been met.
“From the beginning, the Secretary has requested maximum flexibility and discretion to spend up to $700 billion of taxpayer money to relieve Wall Street banks of the consequences of their poor decisions. There is little in the plan to help everyday Americans trying to make their monthly mortgage payments. The proposal has always focused on Wall Street.
“For one of the largest expansions of government power in history, Senate leadership has allowed one hearing, very limited public debate, and no opportunity to amend or improve the bill. We were asked to act immediately on the Administration’s declaration of a crisis, and we were told there was only one way to solve the problem.
“I have yet to hear an adequate justification for authorizing one unelected government official to spend $700 billion, surely the largest single expenditure in the history of the republic. It will require the work of an entire generation of Americans to pay back.
“We should look closely at these problems, better understand their root causes, and determine the best course of action consistent with free market principles. Irresponsible lenders¬—acting rashly and without careful consideration of their actions—caused this problem. Congress should not make the same mistakes when looking for a solution.”
The Senate approved the bailout legislation by a vote of 74 to 25. The bill now goes to the U.S. House of Representatives for further consideration.
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