[Congressional Record (Bound Edition), Volume 154 (2008), Part 15]
[Senate]
[Pages 20742-20743]
[From the U.S. Government Publishing Office, www.gpo.gov]




                      ECONOMIC STABILIZATION PLAN

  Mr. McCONNELL. Mr. President, Senator McCain has just announced he is 
willing to suspend his campaign, set politics aside, and sit down with 
all sides to come to a solution to the looming threat to our economy. 
That is really an outstanding idea. The threat to Americans and their 
homes, savings, and retirements is really not a partisan problem, and 
it will not be fixed with a partisan approach. Americans want to know 
that their home values and college funds and retirement accounts are 
safe; in other words, that the problems on Wall Street are not going to 
spread to Main Street. So I appreciate my colleague's proposal, and I 
hope it will be given serious consideration.
  My constituents are not calling and asking me to help their brokers. 
They are asking for help to protect their mortgages, their ability to 
grow their small businesses, their ability to send their kids to 
college. And they are worried about the security of their life savings. 
I am concerned that if we do nothing, their savings, their ability to 
buy a home or finance college, and their financial security are all at 
very serious risk.
  These are not ordinary circumstances, and if this economic 
stabilization plan was nothing but a bailout for Wall Street bankers, I 
would not have anything to do with it.
  The only reason to support this action is to save ordinary Americans 
from an economic disaster that they had absolutely no hand whatsoever 
in creating. And to say that I am more than a little mad at this 
situation--created largely by bad decisions of those in the subprime 
housing market--is an understatement.
  But if we are to take action, then it needs to put Main Street ahead 
of Wall Street. This isn't about bailing out investment bankers; this 
is about keeping the U.S. economy from entering a downward spiral. To 
that end, any action we take must include the following: No. 1, limits 
on executive compensation; No. 2, debt reduction; No. 3, congressional 
oversight and transparency. And yes, of course, taxpayer protection.
  With regard to executive compensation, if weak companies are seeking 
Government assistance, the taxpayers should expect no less than a firm 
limit on what kind of executive compensation might be possible for 
those involved in these distressed companies.
  Debt reduction. Any proceeds that are earned from the Government 
buying these assets and then selling them in the marketplace must be 
used to reduce the national debt. These revenues must not be used to 
pay for unrelated and unnecessary pet projects.
  Congressional oversight and transparency. Americans need to be able 
to see how their money is being used and that it is being managed 
wisely. We in Congress will watch where every dollar goes to ensure 
there is no waste and no funny business.
  Taxpayer protection. Americans have a right to expect that there is 
no fraud or abuse. It is the taxpayer and the American economy we are 
protecting, and we must take steps to ensure they are protected first.
  The American people who were not involved in creating this situation 
need to be protected from the mistakes of those who were. Main Street 
needs to

[[Page 20743]]

be insulated from Wall Street. That is what this plan is meant to 
accomplish. But we must insist on the protections I have just 
enumerated.
  Mr. President, I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The assistant legislative clerk proceeded to call the roll.
  Mr. COBURN. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  Mr. COBURN. Mr. President, I ask unanimous consent to be recognized 
for such time that I might consume in morning business.
  The PRESIDING OFFICER. Without objection, it is so ordered.

                          ____________________