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Foxx bill to halt bailout passes in House
H.J. Res 3, the legislation sponsored by Congresswoman Virginia Foxx (NC-05) that would remove Congressional approval for the second $350 billion of the $700 billion TARP bailout, passed the House of Representatives on January 22.
The bipartisan legislation (H.J. Res. 3) passed the House by a vote of 270-155. The legislation is designed to take advantage of a provision in the 2008 bailout law that allows Congress to “disapprove” of the second half of the bailout.
“Since October when Congress granted the previous Administration unfettered access to a taxpayer-funded blank check, we have seen a steady stream of reports outlining the mismanagement, waste, and lack of oversight that was all too predictable during initial consideration of the TARP Megabank bailout,” Foxx said during debate on the legislation Click here to watch Foxx’s speech on the House floor.
If taken up and passed by the U.S. Senate, H.J. Res. 3 would bring the TARP bailout to an end. According to the 2008 bailout law, Congress has the power to withhold the second half of the bailout—$350 billion—when the President requests the money. Foxx’s legislation does just that.
Check out the 'stimulus' alternative
Twice the jobs at half the price.
House Republicans have launched a new web site detailing the Republican alternative to the so-called stimulus plan. The GOP economic recovery plan focuses on cutting taxes for families, small businesses and the unemployed while also stabilizing home prices. Learn more about the economic recovery plan at http://republicanwhip.house.gov/Jobs/. Twice the jobs at half the price.
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Press Releases
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Foxx statement on final stimulus vote: "We can do better."
02/13/09WASHINGTON, D.C. – Congresswoman Virginia Foxx (NC-05) released the following statement today after the passage of the stimulus' package: "America faces great economic challenges and Congress must take decisive action to stem this economic tide," Foxx said. "And yet in the face of these challenges Congress has passed a bill that will not effectively help our economy. We can do better."
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