[Congressional Record (Bound Edition), Volume 154 (2008), Part 16]
[Senate]
[Pages 21672-21673]
[From the U.S. Government Publishing Office, www.gpo.gov]




                            FINANCIAL CRISIS

  Mr. BOND. Mr. President, America is facing a financial crisis, and 
last night the President made the case for immediate action. It is 
critical we act now to protect jobs in Missouri and throughout the 
Nation. It is critical we act now to keep families' checking and 
college savings accounts safe. It is critical we act now to preserve 
seniors' retirements. It is critical we act now and eliminate this very 
real threat to our economy. If we do not solve this crisis, families 
will not be able to get home or car loans, employers will not get the 
day-to-day operating funds they need to meet payroll, the possibility 
of new jobs will grind to a halt as spending and investment stops.

[[Page 21673]]

  To fail to act is not an option. We must act now, but we must act 
responsibly. Any rescue plan Congress approves to stabilize our 
financial system must also increase accountability so we do not reward 
those who put us in this situation. Any rescue plan Congress approves 
must increase oversight so taxpayer dollars are protected and mistakes 
are not repeated. And any rescue plan Congress approves must increase 
transparency so Americans can know their money is safe.
  I have heard from folks in my home State of Missouri, and they want 
their Government to act now to keep this crisis from spreading from 
Wall Street to Main Street. But the folks in Missouri also want to know 
what their Government is going to do to protect their tax dollars.
  I have heard from hundreds of Missourians, probably thousands, now 
calling my office in DC, and in St. Louis, Kansas City, Cape Girardeau, 
Columbia, Springfield, and Jefferson City. All of these people want 
accountability.
  They want to know their tax dollars are not going to be used to bail 
out irresponsible executives who got us into this mess to begin with. 
These Missourians know that when they lose a lot of money at their 
jobs, they lose their jobs and they do not get bonuses for doing it, 
which is why from the start I have been calling on the administration 
to eliminate golden parachutes--no tax dollars for fat severance 
packages for failed executives. I was glad to hear last night the 
President state he now agrees. This is an important step in crafting a 
responsible plan.
  I have also stressed that there must be independent oversight of how 
the Treasury handles the credit we extend. I will not agree to hand 
over a blank check. I was pleased that the President now agrees there 
must be oversight. That is another important step in crafting a 
responsible plan. We also need to get taxpayer equity in participating 
firms. Taxpayers should get something for their money.
  Accountability and oversight, protecting taxpayer dollars--these are 
Main Street values. These are values that were absent on Wall Street 
when excessive greed and abuse of regulatory loopholes led to this 
crisis. These are also values that were absent when investors entered 
into investments they did not understand and some private citizens took 
on debt they could not afford.
  We must restore the Main Street values in Government, on Wall Street, 
and in our private lives. We must also restore bipartisanship. I have 
come to the floor a number of times to urge my colleagues to work 
together across the aisle to solve this crisis for our Nation. Now is 
not the time for partisan finger-pointing or partisan games. I have 
been disappointed to hear many speeches on the floor, with political 
talking points and in the press. Now is the time for quick and 
responsible bipartisan action that will stabilize our economy, protect 
taxpayers, restore accountability, and increase oversight to prevent 
another emergency in the future.
  While it is critical that we act now to address the financial crisis, 
we also must look to long-term reforms to prevent another crisis in the 
future. I have long been an advocate for stronger oversight of Fannie 
Mae and Freddie Mac and a critic of those who were moving too slow to 
impose reforms of Fannie and Freddie. I have said there must be more 
effective oversight of GSEs.
  But there is also another problem we need to address. I mentioned 
that along with other things in the remarks I made last week, saying 
what changes need to be made by legislation and by administrative 
action and regulatory action.
  (The remarks of Mr. Bond pertaining to the introduction of S. 3581 
are printed in today's Record under ``Statements on Introduced Bills 
and Joint Resolutions.'')
  Mr. BOND. Mr. President, I thank the Presiding Officer, and I 
appreciate the forbearance of my colleague from Wisconsin.
  I yield the floor.
  The PRESIDING OFFICER. The Senator from Wisconsin.
  Mr. FEINGOLD. Mr. President, I thank the Senator from Missouri.

                          ____________________