Among those hesitant about the plan are Rep. Sanford Bishop, D-Albany.
A statement e-mailed to The Albany Herald from Bishop’s office Wednesday points to his concerns.
“Like many of my colleagues, I believe our economy is broken and in need of a fix,” the statement read. “But when it comes to giving the thumbs up and voting right away for legislation exactly as it was proposed by the Bush administration — well, this isn’t my first time at that rodeo.”
Congress is rushing to finalize a bill that would authorize Treasury Secretary Henry Paulson to buy up to $700 billion in mortgage-related securities and other assets that are compromising the health of Wall Street.
While Bishop’s statement acknowledged that change is necessary, his suggestion is to be patient and come up with another solution.
“Make no mistake, action is needed,” the statement said. “But I have learned an important lesson over the past eight years, and I do not believe any good can come out of approving hastily drawn plans by the Bush administration.”
Bishop’s statement goes on to say, “Any policy adopted must help Americans suffering on Main Street just as much as it must stem the crisis on Wall Street. Ensuring these kinds of provisions for the American people might cause a delay of a few days or even weeks. But to me, it’s worth the wait to ensure the legislation can truly bring our economy out of recession, create jobs for the unemployed and preserve the billions in retirement savings tied up in troubled Wall Street firms.”
Democratic U.S. Senate candidate Jim Martin, Republican Saxby Chambliss’ opponent in the Nov. 4 election, is challenging leaders in Washington to reject any bailout package that lacks protections for taxpayers and homeowners or that fails to put an end to certain practices on Wall Street.
“I believe we can’t hand over a $700 billion blank check and that any bailout package should include a vigorous independent oversight of the administration of the bailout, limits to taxpayer exposure and guarantees that if the purchased assets recover their value taxpayers will be reimbursed for the bailout and will get the benefit of any upside,” a statement from Martin said.
The statement also mentioned limits on executive compensation for companies seeking the federal government’s help, reasonable regulation of financial institutions to prevent the situation from happening again and consumer protection laws to prevent the lending practices that were fundamental to the problem, as possible solutions to the financial crisis.
“We can’t rush into writing a blank check to the same people who got us into this mess, and it’s absurd to ask taxpayers to foot the bill before asking tough questions and doing what Saxby Chambliss and Washington haven’t done, and that’s getting tough on the abuses that led to this,” Martin’s statement continued.
Beyond that, Martin also expressed sympathy for Georgians on this issue.
“I’ve been traveling all over the state talking to folks, and hearing the same stories from middle-class Georgians everywhere: that they are really hurting because of the failed economic policies of the Bush administration,” the statement said.
Among others who have voiced their opinion on the potential bill is U.S. Sen. Johnny Isakson.
“This week will be a critical week for the economy. I need to see the details of the Treasury proposal, but I believe congressional action is not only necessary but essential,” a statement from Isakson said.
The statement Isakson provided also attempted to relieve the tension Georgians are feeling about the proposed bailout.
“I will work to protect the 401(k)s, IRAs and savings of all Georgians,” he wrote. “I will work hard to see to it that the action we take provides short-term financial stability and long-term financial security for the taxpayers of Georgia and their families.”
A phone call to Chambliss’ office in Washington went unreturned Wednesday.
