Matt Renner
Truthout
September 22, 2008

Washington, DC – Push back against the massive $700 billion Wall Street bailout proposal has come hard and fast from members of Congress on both sides of the aisle.

The bailout plan proposed by the Bush administration would give the Treasury Department and Treasury Secretary Henry Paulson – a former Wall Street CEO himself – the power to buy up extremely risky mortgages and other dangerous debt using taxpayer dollars. Because the US government continues to run a deficit, under the plan, the Treasury would have to borrow money to buy this private sector debt – essentially using the taxpayer’s credit card to buy home loans that are currently weighing down Wall Street firms.

Members of Congress point to a severe lack of oversight in the proposed Bush administration plan. Section eight of the draft bailout plan states: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency,” essentially stripping Congress of its responsibility to oversee the how these tax dollars could be spent.

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