In order to provide my constituents with more information on the financial bailout being proposed, I have collected a variety of documents and made them public on this page. Please check back as more content will be added as it becomes available.
If you have not done so already, please contact me with your thoughts on this legislation. Your comments are important to me and I appreciate your feedback.
AUTO BAILOUT
After failing to reach a deal on a $25 billion proposal to bailout the nation's "Big Three" automakers (Ford, GM, and Chrysler), Congressional Democrats have chosen to punt the issue until the week of December 8th. Speaker Pelosi has given the automakers until December 2 to present a plan for how much money would be needed, how the money would be spent, and how the automakers would restructure themselves to better compete in the global economy. At this time, no actual legislation has been presented but I remain skeptical of a bailout for the automakers as I do not see it fit for workers in the First District making $14/hour to bailout automakers whose employees have a "legacy cost" (payroll, healthcare, and pensions) of $70 and hour.
UPDATE: The Senate passed a bailout package on Wednesday, October 1 (click here to see how all Senators voted) and the House passed the same package on Friday, October 3. The bill will now be signed into law by the President.
EARMARK ALERT - For a list of earmarks in the Senate passed bill, click here.
While I voted against the bill, I believe the threat our markets face are grave and that something must be done. My vote was not a vote against doing anything, it was a vote against the package presented. To see a list of alternatives I'd like to see, click here.
Click below to read a letter I've written for my constituents:
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Documents:
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AUTO BAILOUT:
WALL STREET BAILOUT:
- GAO Report on TARP
- This report, published by the Government Accountability Office, found that the Administration is failing to guarantee banks on complying with TARP's limits on conflicts of interest and lavish executive compensation and has failed to decide how to determine whether the bailout is working.
- Summary of Senate-Passed Bailout Plan from Congressional Quarterly.
- Senate Language as Proposed by Chairman Dodd
- This is the acutal legislative language proposed by Senate Banking Chairman Dodd which passed the Senate on Wednesday, October 1. To see how Senators voted, click here.
- Section-by-Section Summary of Senate-Proposed Bailout
- This document provides a section-by-section summary of the bailout plan which passed the Senate on Wednesday, October 1.
- Heritage Memo in Support of Bailout
- This is a Web Memo from the conservative Heritage Foundation that actually supports a market bailout. From Heritage's summary: Financial markets in the United States and around the world face a dire emergency requiring urgent and decisive action. The package of emergency steps now before Congress is intended to address that problem and restore America's credit markets while protecting the taxpayer as much as possible from the cost of dealing with the crisis. Certain provisions are far more troubling, however, and raise serious constitutional concerns.
more documents
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Opinion Pieces:
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Press Releases:
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12.11 - KINGSTON VOTES AGAINST AUTO BAILOUT
Congressman Jack Kingston (R/GA-1) today voted against a $14 billion loan program created to bailout the “Big Three” automakers. While he noted significant progress from the original $34 billion proposal, Congressman Kingston expressed concerns with the potential to nationalize an industry, failure to address the out of sync wages of autoworkers and Washington’s bailout spending spree. Read more...
10.3 - PRESS RELEASE: KINGSTON VOTES AGAINST BAILOUT
Less than a week after rejecting a similar bill, the House today passed a bailout intended to shore up the nation’s financial markets. Congressman Jack Kingston (R/GA-1), who voted against the package both times, expressed concerns that the bill will not accomplish the task at hand. “Rather than righting the ship, we’ve run for the lifeboats,” Congressman Kingston said. “While the core bill has been improved since Monday, I’m still unconvinced it will avert an economic downturn. I hope I’m wrong but suspect we will be back soon for further debate. The economy will remain my highest priority and I will continue to fight for the alternatives not included in this bill.” Read more...
10.3 - PRESS RELEASE: Georgia’s Republican House Members vote against Bailout
Georgia’s Republican House members released the following statement after unanimously voting against the $700 billion bailout bill: “These are challenging times for our country — citizens everywhere recognize that our economy is in peril. We have the largest and the most complex economy in the world, and we must approach this crisis with an eye toward the consequences of acting incorrectly. What we do here will have a lasting impact on the course of our nation now and for future generations — so we have an obligation not just to get this done quickly but to get it done right.” Read more...
more press releases
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Multimedia:
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9.27 - Jack on FOX News discussing the bailout:
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10.03.08 - Jack on Bloomberg TV discussing the bailout:
09.29.08 - Kingston Responds to Failure of Wall Street Bailout in the House
Jack dicsusses the failure today of the Wall Street Bailout plan and calls for a mature discussion that brings in alternatives and allows for amendments.
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more multimedia
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