----- Original Message -----From: [email protected]: [email protected]: Tuesday, October 07, 2008 7:06 PMSubject: From the Office of Senator DeMint
Dear Ms. Clark, Thank you for contacting me to express your thoughts and concerns regarding thecurrent economic situation in America and the recently enacted bailout plan. Iappreciate hearing from you on this extremely important issue. As you are aware, on September 3, 2008, President Bush signed into law theEmergency Economic Stabilization Act. The main purpose of this legislation is toauthorize the Secretary of the Treasury up to $700 billion to purchase distressedassets from institutional investors and banks. The Administration has claimed thatthis action will provide liquidity to the U.S. financial sector and help restoreconfidence and stability to the markets.
I voted against this bailout for several reasons. First, it socializes privatelosses, making all American citizens responsible for the actions of a relative fewin the private sector. Further, the law puts a dangerous amount of control overthe American financial system into the hands of a single central planner, theSecretary of the Treasury. Finally, it fails to address the decades of misguidedgovernment policies that caused the economic turmoil we currently face. Moving forward, Congress must treat the root causes of the economic crisis ratherthan react to its symptoms. This should include reforming or eliminating counter-productive and often harmful government policies, including the CommunityReinvestment Act, Sarbanes-Oxley, and the Government Sponsored Enterprises, FannieMae and Freddie Mac. Also, pro-growth policies need to be enacted to ensurefreedom and certainty for the American people and our markets, includingreductions of the capital gains and corporate tax rates. Please know that I will continue to diligently promote sound economic policiesthat secure America's freedom and prosperity. Thank you again for sharing yourthoughts with me. Please feel free to contact me again in the future with anythingimportant to you or your family. It is an honor to serve you and the people ofSouth Carolina.
Sincerely,
Jim DeMintUnited States Senator
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