Rep. Virginia Foxx is so disturbed by the handling of the federal government's $700 billion bailout that she introduced legislation to prevent the remainder of the money from being allocated.
The resolution would allow Congress to use a provision from the Emergency Economic Stabilization Act of 2008 to "disapprove" of the second half of the bailout if President Bush or President-elect Obama requests the remaining $350 billion.
"The American people were sold a false bill of goods with this $700 billion bailout," Foxx (R-5th) said in a written statement. "Not only did the administration completely change course in its use of bailout money, but there has been absolutely no oversight of the first $290 billion of spending.
"This is taxpayers' money we're talking about."
According to the bailout law, Congress must consider the resolution within five days of the White House asking for remaining bailout cash.
Foxx cited a Washington Post article from last week reporting that the federal government had already doled out $290 billion of the bailout money.
The Post also reported that the independent oversight required by law is virtually non-existent and the progress report to Congress detailing where the bailout money is flowing is already late.
In addition, Foxx, who voted against the bailout, is upset about the additional bailout discussions going around for life insurance, credit card companies, automakers and state governments.
"The whole thing has basically gone way overboard," Foxx's spokesman, Aaron Groen, said.
While there hasn't been a request from the White House for any additional funding, Foxx wants to en sure the resolution is in place when and if it does, Groen said.
"We are fairly certain that someone is going to ask for the second half," he said. "We are just not sure when."
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