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Foxx Introduces Measure that Restricts Second Payment of Bailout PDF Print
Written by Adam Hicks   
Thursday, 20 November 2008 09:31

North Carolina’s 10th District Representative Virginia Foxx introduced legislation that denies authorization of the second half of the $700 billion federal government bailout.  The measure is designed to take advantage of a provision in the bailout law that allows Congress to disapprove of the second half of the bailout.


Last week the Washington Post reported that the federal government had already distributed around $290 billion of the bailout money.  The Post also found that the progress report to Congress detailing where the bailout money is flowing is already late.


Foxx’s spokesperson Aaron Groen reported according to the new bailout law, Congress can withhold the second half of the bailout-$350 billion-when the President in office requests the money.


Because of the way the bailout was written, by law this measure must be considered by Congress within five days of when the White House requests the balance of the bailout cash.


Foxx said, "As the Treasury Department throws its weight around the economy, we're hearing talk of bailouts for everyone ranging from life insurance and credit card companies to automakers and state governments.  Where does it stop?"


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