Washington, DC - Ways and Means Committee Chairman Charles B. Rangel (D-NY) issued the following statement on negotiations over legislation to stabilize the financial marketplace and other efforts by Congress to strengthen economic security for American families:
“As Congress works to finalize legislation to stabilize America’s financial markets, people on Main Street are asking, ‘What does this have to do with us?’ The answer, in short, is everything. That is why Congress is taking the necessary steps to get this package right. The recent economic downturn has already cost millions of hardworking Americans their jobs, their homes and crushed their hopes, but economists have warned that a failure to stabilize our financial markets could result in a meltdown the likes of which we haven’t seen since 1929. That is a risk this Congress is not going to take.
“Years of rabid deregulation and inadequate oversight under the Bush Administration led to this point. We will investigate these companies and hold the bad actors accountable, but we will also act swiftly to reassure American families that their savings, retirement accounts and mortgages are safe. We must ensure that the American taxpayer does not simply get stuck with the bill for a bailout while the executives who caused this mess get lavish retirement packages. That is why Congress is working to hold these companies accountable and limit the compensation packages given to their executives. The so-called ‘bailout’ bill proposed by the Administration carries significant consequences, including the potential for a dramatic increase in the national debt. The Ways and Means Committee has jurisdiction over legislation to increase the national debt and we will not budge one dollar until we are assured that American families will not get stuck footing the bill while executives get a free ride.
“President Bush has urged Congress to immediately approve sweeping, unchecked powers for the Treasury Secretary. We have been down that road before and it led us to a war that has cost thousands of American lives and hundreds of billions of dollars with no end in sight. President Bush has squandered the trust of the American people and Congress will assert its constitutional obligation to restore checks and balances to our government so that the final legislation best serves the interests of the American people.
“At the same time President Bush is asking Congress to bail out Wall Street, he should pay attention, and give his full support, to measures currently under consideration in Congress to help families on Main Street. My colleagues on the Ways and Means Committee and I have worked to advance critical tax relief to protect more than 25 million families from a higher tax burden under the alternative minimum tax (AMT). We are also poised to approve a flexible, nationwide disaster relief package including tax incentives for economic recovery aimed towards communities that have been devastated by natural disasters recently.
“The Ways and Means Committee has also advanced an innovative, responsible package of tax incentives to promote renewable energy and energy conservation, investing in green technology and new jobs to spur our economy. This bill will be up for a vote by the full House of Representatives in the very near future and with President Bush’s support, we can get it through the Senate and make it law so that we can put people back to work building America’s energy independence.
“We have also recently passed groundbreaking legislation to give patients suffering from mental illness and addiction the same access to care as those seeking treatment for other medical or surgical needs. This long overdue measure passed the House yesterday with overwhelming bipartisan support [376-47]. If the President adds his support, we can get it through the Senate and make a new law that will finally provide parity for the millions of Americans struggling with mental illness.
“Finally, Congress is also working on a recovery package to provide critical relief to struggling families and give an immediate boost to our economy. A key component of this recovery package is an extension of unemployment benefits for those who have lost their jobs through no fault of their own and are struggling to find new work in the downturn. Economists have repeatedly said that extending unemployment benefits is one of the best ways to strengthen the economy, providing a direct infusion of money back into the marketplace while providing needed relief to millions of families.
“I am proud of the leadership the Ways and Means Committee has provided on this issue, and urge President Bush to reconsider his opposition to this much-needed extension. He cannot continue to ignore the need for extended unemployment benefits as we witness the rising national unemployment rate. His steadfast opposition to an economic recovery package will only serve to deny the American people valuable resources to weather this economic downturn, including important relief to help families afford the cost of heating oil, provide additional resources for food stamps and investments in infrastructure to create new jobs." SEQ CHAPTER h 1
