[Congressional Record (Bound Edition), Volume 154 (2008), Part 16]
[House]
[Pages 21779-21780]
[From the U.S. Government Publishing Office, www.gpo.gov]




  TAXPAYERS DESERVE ANSWERS AND ACCOUNTABILITY ON WALL STREET BAILOUT

  (Mr. SAM JOHNSON of Texas asked and was given permission to address 
the House for 1 minute and to revise and extend his remarks.)
  Mr. SAM JOHNSON of Texas. Madam Speaker, the news on this Wall Street 
bailout has me fuming. Taxpayers want, need, and deserve answers and 
accountability. The Treasury Secretary should not have the authority to 
spend $700 billion with zero oversight.
  Meanwhile, a provision in the bill says that banks that bought Fannie 
Mae and Freddie Mac preferred stock get better tax treatment than an 
individual who bought preferred stock. That is wrong. Why shouldn't 
banks be held responsible for their mistakes?
  I am not sure this is the best way to fix the problem. We need to 
discuss serious alternatives before we ask Americans to shoulder 
billions in additional debt.
  Hundreds of my constituents have called outraged at this Wall Street 
rescue. They want to know when we are going to bail them out.
  I am outraged too. Taxpayers deserve better from America.

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