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Contact: McCall Avery
202-225-4201
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Sam Johnson blasts Wall Street bailout
Washington,
Sep 25 -
This morning on the floor of the U.S. House of Representatives, U.S. Congressman Sam Johnson (3rd Dist.-Texas) delivered the following statement on a suggested $700 billion Wall Street bailout.
Prepared remarks follow:
"The news on this Wall Street bailout has me fuming. Taxpayers want, need and deserve answers and accountability. The Treausry Secretary should not have the authority to spend $700 billion with zero oversight.
"Meanwhile, a provision in the bill says that banks that bought Fannie Mae and Freddie Mac preferred stock get better tax treatment than an individual who bough preferred stock. That is just wrong.
"Why shouldn't banks be held responsible for their mistakes? I'm not sure this is the best way to fix the problem. We need to discuss serious alternatives before we ask Americans to shoulder billions in additional debt.
"Hundreds of my constituents have called outraged at this Wall Street rescue and they want to know when we're going to bail them out. I am outraged too. Taxpayers deserve better from America."
For information regarding the alternative I support, please the the attached document.
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