The Administration’s response to this crisis came last weekend in the form of a three-page proposal from Treasury Secretary Henry Paulson asking Congress for unlimited authority over $700 billion to buy this bad debt at taxpayer expense. Unsurprisingly, this proposal was met by stiff resistance – especially by me and my Republican colleagues in the House of Representatives who believe in smaller government and limiting taxpayer exposure.

Since its initial proposal, the press has widely reported that House Financial Services Committee Chairman Barney Frank and Senate Banking Chairman Chris Dodd have negotiated a number of changes with the Administration intended to shore up liberal support, including tax increases and giving judges new authorities that would drive up costs for homeowners who play by the rules and pay their mortgages on time.

In response, House Republicans have offered their own counter-proposal to the constantly-evolving compromise between the Administration and Democrat Leadership. The Republican proposal would insure mortgage-backed securities through the payment of insurance premiums instead of providing taxpayer-funded purchases of frozen mortgage assets as the current proposal would do. At the end of this email please find a broad outline of this Republican economic rescue plan for your review.

This proposal also includes measures to increase transparency and prevent Wall Street Executives from benefiting from taxpayer funding, as well as measures that would increase private capital involvement in the recovery and reduce taxpayer exposure while addressing the underlying issues creating the crisis in our capital markets.

As negotiations over this unfinished package proceed, I will continue to insist on the inclusion of the following principles in the final package:

- Reforming the market failures that allowed this crisis to happen;

- Protecting taxpayer assets;

- Preventing executives from personally benefiting from private sector failure, and;

- Encouraging private capital to fix the underlying problems in order to limit taxpayer exposure.

As your Congressman, I take my responsibility to the taxpayer very seriously. Rest assured that before I vote on the final proposal (whatever form it takes), I will seriously consider your comments and put the best interests of taxpayers and homeowners who play by the rules first. If you have any questions or comments that you would like to share, feel free to contact my Chief of Staff Guy Harrison or Deputy Chief of Staff Josh Saltzman at 202.225.2231.

Sincerely,

Pete Sessions

Member of Congress

S-L terms it as “one of the most bizarre performances by a politician in the history of the Republic.”

It’s made even more perverse by Reid’s accomplice in malfeasance & pandering, ‘Countrywide’ Senator Chris Dodd, who continues to play Liar’…

Terrye on September 26, 2008 at 5:48 PM

The Senate is where this issue will be decided. If they need 60 votes to close debate, McCain will have a lot to say about the outcome there.

“Obama was not prepared because McCain was playing a debate cat-and-mouse game – I will be there, no I won’t be there – on purpose to throw him off!!!!!”

That will be precious!

Bishop on September 26, 2008 at 5:47 PM

No worries… its a simple parry in quarte…

/looks back at the wall, where his Matched 45 inch blade Rapiers hang…

I’m with you, Obava’s failure to really break out in the polls is because he still hasn’t convinced a huge swatch of people that he is trustworthy, though his message is mildly attractive coming on the heels of Dubya.

Mac may be a dry bone in front of the camera, but his message is steady. Obapo is a teleprompter guy, and if there are any direct exchanges between he and Mac, I don’t see him standing up well. McCain has many long years of giving speeches and press conferences, he has a mighty advantage in that respect.

I hope you are right.

That’s right. And even though you’re the enemy, I’ll give you a piece of advice: don’t try to catch any boomerangs without a chainmail glove.

grdred944 on September 26, 2008 at 5:42 PM

Concur, debating this means you HAVE to take opposing viewpoints…

Which, as the titular heads of their respective parties will pour gasoline on the fire, instead of trying to put it out…

The best thing McCain can do is point out that his actions resulted in House Repubs being heard. Obama can’t point to anything he did as being constructive. He’ll try but hopefully the 80mil (more like 40mil — it is a Friday night afterall) will just chuckle at his attempts to act like he belongs at the grown-up’s table.

Hah… I’m more a “Steel Dawn” kinda guy… more swordplay!
Romeo13 on September 26, 2008 at 5:31 PM

Get out.

Bishop on September 26, 2008 at 5:34 PM

Dang, banished to the Wasteland… guess I need to go join Humongeous!

Ah sorry, no link, just from hearing him on Fox last 1-2 days.