Published: 09-23-08
Comments on Administration’s Proposal to Stabilize the Economy & Financial Markets
WASHINGTON—U.S. Sen. John Cornyn R-Texas Vice-Chair of the Senate Republican Conference made the following statement today regarding the Administration’s proposal to help stabilize the economy and financial markets:
“I have great respect for the knowledge and experience that Secretary Paulson and Chairman Bernanke bring to this debate. Their views must be taken seriously. However I expect members of both parties including myself will have tough questions this week as Congress works toward what I hope will be a bipartisan solution. In these economically trying times more than ever Democrats and Republicans need to rise above partisan politics and work in the best interests of the American people.
“My constituents in Texas should know that several key principles will be guiding my views in the days ahead.
“First and foremost protecting the taxpayers must be our first priority. I have serious reservations about asking those who played by the rules to bear the burden of those who made irresponsible and risky financial decisions. The interests of the American taxpayer must be the key guiding principle moving forward.
“Second we must ensure that the American economy remains stable and small businesses continue to have the ability to grow and create new jobs. America’s small businesses are the backbone of the American economy and access to credit is critical to their survival.
“Third as a longtime advocate for transparency in government I believe the taxpayers deserve to know all of the details surrounding this proposal. Congress should also pursue new efforts aimed at lifting the veil of secrecy surrounding Wall Street deal-making. A lack of transparency is a major reason for the current crisis.
“Finally we should aggressively investigate and prosecute any possible criminal actions by corporate executives who crossed the line and broke the law. It is for this reason that I have already called on the Attorney General to begin a criminal investigation of executives at Fannie Mae and Freddie Mac.
“I look forward to the testimony of Secretary Paulson and Chairman Bernanke before the House and the Senate this week. More details remain to be known and tough questions need to be asked as Congress considers their proposals.”
