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Overseas contractor fraud loophole formally closed after new regulations issued
Washington, DC - Rep. Peter Welch uncovered, investigated and has now officially closed a multi-billion dollar loophole proposed by the Bush administration that allowed overseas government contractors to avoid disclosing fraud.
In response to a law passed by Welch this summer, the Office of Management and Budget issued a rule late last week mandating that government contractors report any suspected instances of waste, fraud, abuse or overpayment to investigators general. The move caps a months-long effort led by Welch to restore accountability to government contracts and crack down on a misguided loophole crafted by the Bush administration.
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Please click the headline above to read Congressman Welch's full statement.
Washington, D.C. - Rep. Peter Welch (VT-AL) issued the following statement on his vote on H.R. 1424, the Emergency Economic Stabilization Act of 2008:
"‘To govern is to choose,' said President Kennedy. The choices are often imperfect. Such is the case today.
"The economic crisis we face in America is real. It was fueled by reckless lending and borrowing engineered by Wall Street and imprudent individuals living beyond their means. Vermonters are rightly furious about being asked to solve a problem they did not cause. While we have the second lowest foreclosure rate in the country, the ripple effect of the credit crunch is being felt on the Main Streets, the Maple Streets, and the dirt roads of Vermont.
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Washington, D.C. - Rep. Peter Welch issued the following statement in opposition to the Wall Street bailout. Welch voted no on H.R. 3997, the Emergency Economic Stabilization Act of 2008:
"The economic crisis we face is real. However, I voted against the bailout because it isn't paid for and because I don't believe it will work.
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