The Senate Financial Rescue Bill Includes a Host of Taxpayer Protections (Sen. Kit Bond)
October 4th, 2008
Wednesday, I joined 73 of my colleagues in the Senate in passing a bill to protect workers and families in my home state of Missouri and across the nation. Our action was critical to keep the financial crisis from spreading from Wall Street to Main Street.
I have heard from folks in Missouri who are angry about this financial emergency. I share their anger over having to use tax dollars to address this crisis. But, I also know the cost of inaction – a severe recession that puts all families and workers in jeopardy. We are already seeing the impact of the credit crunch on Main Street America. Small businesses are unable to get funding to meet payroll, States and localities are struggling to obtain financing for critical road and building projects, senior citizens are seeing their retirement savings fall in value, and students cannot obtain loans for tuition.
Just this month in my home state, the Missouri Department of Transportation had to give up on a plan to upgrade 800 of our State’s bridges, which are in much need of repair. At least two St. Louis-area auto dealerships closed and one filed for bankruptcy and several more are expected fail as well. Across the state, tighter credit is being felt by farmers who need operating loans to buy fertilizer and seeds. On the other side of the State in Kansas City, the local government could not find anyone to buy $200 million in bonds for water and sewer improvements.
The compromise financial rescue bill the Senate passed Wednesday will help address these problems and keep them from spreading. Importantly, it includes a host of taxpayer protections that reflect Missouri values. Last week I called for changes to the Paulson plan and the bill now includes increased accountability for bad actors, no golden parachutes and salary limits for failed executives, equity stakes for taxpayers to share in possible future profits, increased oversight to protect taxpayer dollars, increased transparency so that you know your money is spent properly and greater protections for your savings and checking accounts.
While not perfect, I fought to pass a bill that both protects taxpayers and will keep the current financial crisis from spreading to Main Street.
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