House Republican Leader John A. Boehner wants Congress to have more oversight of the Treasury Department's purchase of devalued mortgage-related assets - a request he shares, at least in principle, with congressional Democrats.
The Ohio Republican, who vows that "this is not the time for political blame games," believes Congress should establish a joint select committee as part of this new authority so lawmakers have more oversight of this new program to buy beleagured assets. House Financial Services Chairman Barney Frank (D-Mass.) has proposed setting up a permanent office within the Treasury program that would monitor its implementation, according to a draft he sent to the administration.
Boehner also wants to make sure the $700 billion price-tag counts against the deficit instead of being used to fund programs outside the general fund.
"The American people are mad as hell that we are in this situation and so am I, but we need to work together, in a bipartisan way, to solve this economic crisis," Boehner said in a statement released late Sunday night. "This situation is the result of a broken Washington that failed to rein in the excesses at Fannie Mae and Freddie Mac, and an outdated regulatory structure that has failed the American people and should have been reformed long ago."
He makes another plea for Democrats not to couple the Treasury package with "additional, unrelated spending that could imperil speedy" congressional approval of the administration's request. And finally he wants Congress to post the legislation online for 24 hours before members vote on it, so taxpayers have enough time to review it.
His full statement is posted after the jump.
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