Senator Sanders Trying to Stop the Bail out, Introduces Legislation

Senator Bernie Sanders is introducing legislation to Stop the Bail Out of the rest of the $350 billion dollars that hasn't been given to banks.

Senator Bernie Sanders said today he will introduce legislation to stop the release of a $350-billion second round of the Wall Street bailout. Sanders, who voted against the $700-billion package Congress approved in October, said he has serious concerns about how the Bush administration and Treasury Secretary Henry Paulson are spending the bailout money that was already released. He also said it was unacceptable that the oversight provisions in the bill were ignored. “I have very serious concerns as to how the Bush administration is spending the first $350 billion they were provided. The second $350 billion tranche must not be spent in the same way,” Sanders said.

“The administration’s plans as to how the money should be spent appear to be changing on a daily basis. Meanwhile, they are operating in secrecy, ignoring the oversight provisions of the legislation and, with dubious legality, are changing long-established rules by providing huge tax breaks for the banking industry above and beyond the bailout.

“I also strongly object to any of this bailout money being used for executive bonuses, dividends, mergers or acquisitions,” Sanders added.

“Instead of continuing to bail out Wall Street, we should focus on economic actions which will directly impact the middle class and working families of this country.

“We should use the second $350 billion tranche to create millions of good paying jobs rebuilding our crumbling bridges, roads, culverts, schools and water systems. We can also create millions of jobs by moving away from foreign oil and fossil fuels and into energy efficiency and sustainable energies,” the senator said.

Considering how all of the for show conditions really gave Treasury Secretary Hank Paulson a blank check, it's about time someone in the Senate plain tried to stop the hemorrhage of taxpayer money to Wall Street.

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