Senate Bill 3683

Senate Bill 3683

I am deeply concerned that Congress completely abdicated its responsibility by signing a truly blank check over to the Treasury Secretary. This past week, Treasury Secretary Paulson deepened that concern by announcing that he has completed a remarkable about -face (summarized elsewhere, e.g. by the November 13th Investor's Business Daily front page headline as linked here: In Major Reversal, Treasury Won't Buy Bad Mortgage Debt). Treasury should have formulated a comprehensive plan earlier in the crisis.

However, the lame duck session of Congress offers us a tremendous opportunity to change course. We should take it. On Monday, November 17, 2008, U.S. Senator Jim Inhofe (R-Okla.) introduced legislation to amend Section 115 of the Emergency Economic Stabilization Act (EESA) to require an affirmative vote on the part of Congress to approve Treasury's plan for the remaining $350 billion and require a freeze on any remaining funds of the first $350 billion, stating, "It is imperative that we not allow that amount of money to be added to a deficit approaching $1 trillion this year without any input from the legislative branch."

Sen. Inhofe provides the text of his rationale at Inhofe.senate.gov - his legislation, Senate Bill 3683, may be our best opportunity to change course. When 70 Senators voted for the EESA I realize they did so in good conscience but with some reservations - Congress should have oversight over the Secretary's actions. Please now encourage your senators to vote to place some congressional control over knowing and approving how any additional monies would be spent under the EESA bailout.