The Bailout: Ready, Vote, DEBATE!
Here’s something interesting to note from the raft of bills introduced when Congress returned briefly after the election: A bunch of ‘em were about the financial services bailout. Mostly in the Senate, but with a few examples in the House, bills were introduced to manage how the bailout would work.
Here’s the problem with that: The bailout bill already passed. It’s not in Congress’ control any more. Any bills introduced to affect the bailout amount to trying to lick up spilled milk. Congress is supposed to debate legislation before it passes, not after.
So let’s take a look at the bills and the Senators and Members of Congress who introduced them.
It’s most interesting to see who voted for the bailout, but came up with ideas for how it should work later. That amounts to a confession of voting for a bill without thinking it all the way through, a big no-no when $700 billion in taxpayer money is on the line.
Here are the post-bailout bailout bills, with their sponsors:
Senate Bills:
S. 3683, A bill to amend the Emergency Economic Stabilization Act to require approval by the Congress for certain expenditures for the Troubled Asset Relief Program, Sponsor: James Inhofe (R-OK) (voted against the bailout)
S. 3690, The Homeowner Assistance and Taxpayer Protection Act, Sponsor: Richard Durbin (D-IL) (voted for the bailout)
S. 3693, The Stop the Greed on Wall Street Act, Sponsor: Bernie Sanders (I-VT) (voted against the bailout)
S. 3694, A bill to amend the Emergency Economic Stabilization Act to limit obligations to $350,000,000,000, absent majority approval by the Congress, Sponsor: Bernie Sanders (I-VT) (voted against the bailout)
S. 3697, A bill to amend the Emergency Economic Stabilization Act to require approval by the Congress for certain expenditures for the Troubled Asset Relief Program, Sponsor: James Inhofe (R-OK) (voted against the bailout)
S. 3698, The Accountability for Economic Rescue Assistance Act of 2008, Sponsor: Diane Feinstein (D-CA) (voted for the bailout)
S. 3716, The Special Inspector General for the Troubled Asset Relief Program Act of 2008, Sponsor: Claire McCaskill (D-MO) (voted for the bailout)
House Bills:
H.R. 7276, To amend the Emergency Economic Stabilization Act of 2008 to require prior approval by the Congress for expenditures from the third tranche, and for other purposes, Sponsor: Randy Neugebauer (R-TX) (voted against the bailout)
H.R. 7297, The Emergency Automobile Industry American Jobs Protection Act of 2008, Sponsor: Sheila Jackson-Lee (D-TX) (voted for the bailout)
What We Need is a TARP Inspector - The WashingtonWatch.com Blog
[...] discussed some of this earlier in a post called “Ready, Vote, DEBATE!” But here are all the current bills that have “Troubled Asset Relief Program” in [...]