[Congressional Record (Bound Edition), Volume 154 (2008), Part 16]
[Senate]
[Pages 22226-22227]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              THE ECONOMY

  Mr. CHAMBLISS. Mr. President, we all know that our country has seen 
better economic times. Across the United States and around the world, 
businesses and individuals are feeling the effects of this financial 
turmoil--not only on Wall Street, but at home on Main Street as well. I 
don't need to remind this body of the volatility of our financial 
markets. Evidence of this market precariousness has been splashed 
across the front pages of newspapers and television screens everywhere, 
causing panic and further instability.
  As the conversations in Washington continue over how to address our 
Nation's financial crisis, and as the details of the problems in our 
financial sector are revealed daily, I am convinced that something must 
be done and done soon.
  But I want to be clear about congressional action: we must act 
because inaction could well cause serious harm to American families, 
farms, and small businesses as well as community banks and other 
lenders, and we must do our dead level best to make the right 
decisions, because action for the sake of expediency could put our 
Nation at further risk. Nevertheless, I oppose to the old saying of 
just do something, even if wrong. We should not follow that logic.
  Since last Thursday, I have talked to numerous bankers, economists, 
academicians, as well as business leaders and owners who have told me 
that doing nothing would lead to irreparable harm to our economy. And I 
have heard from and talked to hundreds of Georgia taxpayers, virtually 
all of whom are opposed to the plan as originally presented. Everyone 
is concerned about doing the right thing. Georgians are furious at the 
current situation and for good reason.
  I am angry and upset that the oversight supposed to be afforded by 
the regulatory bodies was not provided the way it should have been. The 
American taxpayers should never find themselves in this situation 
again, and that is why there must be confidence that what Congress 
passes will work--not for Wall Street but for Main Street, Georgia.
  Before I give my support and work to pass legislation, it will have 
to have strong safeguards with accountable oversight. The plan must 
provide that any revenue earned by the treasury on this effort will be 
used 100 percent to retire the debt and not one penny used to expand 
Government. I will fight any legislation that proposes to use one cent 
of these funds for pork barrel projects. Furthermore, I want to make 
sure that if fraud or other illegal acts took place that the people 
responsible are tried and punished. And while much of the focus has 
been on assisting larger banks and lenders, I am working to make sure 
that neighborhood banks and lenders are protected too. I intend to see 
that every single American has access to his or her money at all times, 
and that Americans who need credit have it available to them.
  As the Senate debate unfolds, any proposed legislation must protect 
the citizens and taxpayers of Main Street, their savings, their 
retirement funds, their small businesses, their careers, their homes, 
and economic well being. This financial debacle on Wall Street must not 
be allowed to infect Main Street anymore than it already has.
  We have to clean up this mess and keep America on track. We must be 
certain that those responsible do not profit from this legislation and, 
where appropriate, necessary compensation control policies be 
instituted. Golden parachutes for any plan participants must not be 
allowed. And civil and criminal penalties should be levied and pursued 
when and where appropriate.
  During these next critical hours and days, I will carefully review 
the details of whatever package emerges, and I will fight for Georgians 
in this process. I will have my say. I am prepared to work through the 
weekend and into October and beyond--I will not vote for just any 
proposal--I will work for and vote for the proposal that I truly 
believe is in the best interest of Georgians and Americans, and I 
pledge to work on this as long as it takes to get the job done right 
and to make sure we do this in a bipartisan way.
  The fundamental necessity of a strong financial market is 
transparency, liquidity and confidence. The tools to provide further 
clarity and integrity in our financial system are already available to 
our regulators. We need to ensure that these instruments are properly 
applied, so that we protect investors from deceptive practices.
  Faith in the market is vital to its success. Security and soundness 
must, and will, return to our financial system through more effective 
oversight and guarantees of legitimate transactions. In turn, this 
security will restore certainty and faith in performance of the market.
  It is important to recognize the connection and significance of a 
strong financial system in a capitalist society. We are still targets 
of terrorism because our freedoms enable us to be among the most 
prosperous, most powerful nations in the world. Recent economic 
shakeups will not alter these freedoms. Through the renewed faith and 
trust of the American investor, we will return to the height of 
prosperity, and as a beacon of fundamental fiscal strength throughout 
the world.
  I look forward to the package that we hope will be forthcoming from 
our bipartisan, bicameral group that is working now as we speak to 
draft the legislation--to negotiate the legislation that will 
ultimately be committed to a draft. I hope, as we return tomorrow, we 
see positive signs of a conclusion to the drafting of that legislation 
and that this body can have an opportunity to study it in as much 
detail as

[[Page 22227]]

necessary, proceed to debate, and I am hopeful it is the kind of 
legislation that we can all rally around, support, pass, and tell the 
American people that we are doing everything possible from a policy 
standpoint to protect them, to protect their communities, and to 
protect the financial institutions of this country.
  I yield the floor.
  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. WHITEHOUSE. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER (Mr. Tester). Without objection, it is so 
ordered.

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