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McConnell Statement on TARP Vote

January 15, 2009



‘I appreciate the incoming administration’s assurance in that letter to use these funds for the original purpose of stabilizing the economy and preventing a systemic economic collapse. However, the incoming administration also indicated it would use the money in ways I cannot support’

WASHINGTON, D.C.- U.S. Senate Republican Leader Mitch McConnell made the following remarks Thursday on the Senate floor regarding the TARP vote:

“I voted for the disapproval resolution.



“Three months ago I voted in favor of government action to rescue the nation’s financial system. The early indications suggest that our actions had a stabilizing effect. But the problems persist. And based on what we know about our current financial situation, it’s clear the full $700 billion we voted for in October is still needed.



“Republicans have insisted from the beginning that the outgoing administration agree to strict oversight and taxpayer protections related to the Troubled Asset Relief Program, the TARP. And we asked for similar assurances from the incoming administration this week when it requested the second round of TARP funds.



“In response, the incoming administration graciously agreed to meet with senators, and spent a good deal of time explaining to Republicans last night how they plan to use these funds. I want to express publicly our appreciation for their time and their efforts.



“After last night’s conversation, Republicans asked for one more thing: a public assurance from the incoming administration that these funds would be used in a manner consistent with the original purpose of the TARP. And today, the incoming administration again graciously responded to our request by providing a letter of intent for the second round of TARP funds.



“I appreciate the incoming administration’s assurance in that letter to use these funds for the original purpose of stabilizing the economy and preventing a systemic economic collapse. However, the incoming administration also indicated it would use the money in ways I cannot support.



“The letter explicitly states that they will pursue a policy of ‘cram down,’ both by amending the bankruptcy laws and by forcing banks that receive TARP funds to write down mortgages. This will result in higher mortgage rates for everyone who seeks a home loan.



“The letter states that the Federal Government will require banks that receive TARP funds to make loans. And while we want banks to resume lending, forcing them to make loans is exactly how this crisis started. We need to show that we’ve learned from past mistakes.



“The letter also states that participating firms will need federal approval before issuing dividends. I fear this will hamstring their ability to raise capital and thus perpetuate their dependence on federal funds. We should encourage firms to raise private money, but that will be impossible if they can’t promise investors a return on investment.



“Again, I want to express my appreciation to the incoming administration for its responsiveness to Republican concerns. Every time we asked a question it was promptly answered. So far, Republican interactions with the incoming administration have been quite encouraging and appreciated.



“While I voted on the losing side, I hope the new administration will consider some of my concerns, and we hope their stewardship of these funds is successful in stabilizing the markets according to the original purpose of the TARP and we will continue to work with them to strengthen our nation’s economy.”



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In Ledbetter Debate, ‘Republicans have a better proposal,’ McConnell says

January 15, 2009

‘Last night, Republicans began to outline a proposal for addressing this question in a way that’s fair for everyone. Senator Hutchison’s bill strikes the right balance. It says the clock shouldn’t run out on someone who’s been discriminated against until he or she discovers the alleged discrimination’

WASHINGTON, D.C.- U.S. Senate Republican Leader Mitch McConnell made the following remarks Thursday on the Senate floor regarding the Ledbetter bill:

“Next week we’ll be turning to the Ledbetter legislation.

“Despite the gross distortions that voters heard about this legislation in the run-up to the November elections, the Ledbetter bill is neither about women nor fairness. And it’s not about whether pay discrimination should be illegal. Pay discrimination is illegal. And it has been, rightly, since 1963.

“Rather, this bill is about how long the statute of limitations on pay discrimination suits should be.

“Last night, Republicans began to outline a proposal for addressing this question in a way that’s fair for everyone. Senator Hutchison’s bill strikes the right balance. It says the clock shouldn’t run out on someone who’s been discriminated against until he or she discovers the alleged discrimination.

“This way, the focus is where it should be: on the injured party.

“The Ledbetter legislation unfairly targets business owners, who may or may not have discriminated against a man or a woman, on the basis of pay years or even decades ago. Its primary beneficiaries are lawyers, who want to squeeze a major settlement out of every company that fears the expense or the publicity of going to court.

“This bill is unfair to business owners, who in many cases will no longer have the evidence they would need to mount a convincing defense. And it is unfair to the millions of American workers who are worried about losing their jobs in the current economic downturn.

“Job creators have enough to worry about at the moment. Adding the threat of never-ending lawsuits is a new burden the federal government shouldn't even be considering right now.

“No right-thinking American would defend discrimination of any kind in the workplace or anywhere else. And it’s unfair to the public to suggest that those who oppose this bill endorse discrimination. It degrades our public discourse and it degrades the legislative process.

“Many of us oppose this bill, as written, because it will paralyze businesses and add an even greater strain on workers than those they currently face. We support a business climate that creates the conditions for success — not a climate that harasses the millions of men and women in this country who support themselves, their families, and their workers by owning and operating a small business.

“Republicans have a better proposal, and other good ideas to help American workers. I believe we need to get on the Ledbetter bill, and have an open debate about it, so the American people can hear Republican alternatives and the Senate has an opportunity to vote on more than what the Democrats have proposed.”

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McConnell: ‘The American people have questions’

January 14, 2009



‘We want assurances that, if we decide to release additional funding, this money will not be wasted, that it will not be used for the industry-specific bailouts that some House Democrats are already requesting’



WASHINGTON, D.C.- U.S. Senate Republican Leader Mitch McConnell made the following remarks Wednesday on the Senate floor regarding the request for the remaining TARP funding:



“Many of us originally supported the economic rescue plan because we recognized we needed to act immediately to prevent an economic disaster.



“I heard from a lot of Kentuckians last fall who were hurting and wanted the government to help -- and I am still hearing that from small business owners and others across Kentucky who need help.



“But those same Kentuckians are quick to call for assurances that, whatever the federal government does, it should be undertaken with the assurance that taxpayer money will be spent wisely and will actually stimulate economic growth.



“The American people have questions, and so does Congress.



“We want assurances that, if we decide to release additional funding, this money will not be wasted, that it will not be used for the industry-specific bailouts that some House Democrats are already requesting.



“We will be receiving briefings from President-elect Obama’s team and we are eager to hear from them.



“While I feel strongly that we must continue to stabilize the economy, I would find it exceedingly difficult to support additional taxpayer funds without serious assurances from the incoming administration that the taxpayers will be protected.”



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