Senator Inhofe Delivers Floor Speech on Halting Handout of Bailout Funds
WASHINGTON, D.C. – Today, U.S. Senator Jim Inhofe (R-Okla.) introduced legislation to amend Section 115 of the Emergency Economic Stabilization Act (EESA) to require an affirmative vote on the part of Congress to approve Treasury’s plan for the remaining $350 billion and require a freeze on any remaining funds of the first $350 billion, stating, " It is imperative that we not allow that amount of money to be added to a deficit approaching $1 trillion this year without any input from the legislative branch."
In a speech on the Senate Floor, Senator Inhofe went on to say, " Congress completely abdicated its responsibility by signing a truly blank check over to the Treasury Secretary. However, the lame duck session of Congress offers us a tremendous opportunity to change course. We should take it."
" Though there are still significant challenges in financial markets, it appears that the threat of financial crisis spinning so out of control that we face another Great Depression-which was the original justification for the grant of such sweeping authority-has subsided. Has the need to allow one person to control hundreds of billions of taxpayer dollars and spend as he sees fit subsided as well? I’ve never seen in my entire career of public service anything like the spectacle we are now witnessing. Is it unreasonable to ask whether or not the additional $350 billion should not be added to a deficit approaching $1 trillion? Congress should have a debate."
The full text of Senator Inhofe’s speech as prepared for delivery is below:
Given the recent news about Secretary Paulson’s execution of the TARP program, I firmly believe action is required by Congress. This morning I introduced S.3683, legislation that will freeze any remaining funds from the first installment of the $700 billion and require Secretary Paulson’s plan for the remaining $350 billion in authorized TARP funds to be ratified by an affirmative vote in the U.S. Congress.
(excerpt…)
James M. Inhofe
U.S. Senator – Oklahoma
