[HT:MG].
Taxpayers should know that the U.S. Treasury is sitting on $80 billion dollars that could be used to pay down the gigantic federal debt, but despite that Treasury Secretary Timothy Geithner is bound by law to do just that he's not doing so:
- The $80 billion is the amount that has been repaid by banks that were the recipients of the giant $700 billion federal bailout of the financial industry last October.
- Leading the way have been the major banks, many of which received shovelfuls of taxpayer money in the form of the Troubled Assets Relief Program (TARP).
- However, the promise to make the taxpayer whole has not been fulfilled.
There's only one way to insure that this money goes to repay taxpayers: pass a law that forces Treasury to use the proceeds to pay off a portion of the nation's debt every time it receives a payback of TARP money from recipients. The Save American Free Enterprise Act (SAFE Act), could do just that. Under the bill:
- The Treasury would be required to pay down the federal debt and follow through on the requirements of the original financial bailout legislation.
- At the end of each month, SAFE requires Treasury to reduce the debt limit by the amount of any repayments, dividends and interest, warrant sales or other proceeds from the sale of assets received during that month.
Doing anything less than requiring Treasury to pay taxpayers back for bailing out Wall Street would not only be irresponsible, it would invite yet more unauthorized, counter-productive economic intervention.
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"SUPPORT The Save American Free Enterprise Act (SAFE Act) "
Whitehouse: mailto:president@whitehouse.gov
Senate-Reid: http://reid.senate.gov/contact/index.cfm
House-Pelosi: http://speaker.house.gov/contact/
YOUR Senator: http://www.senate.gov/general/contact_information/senators_cfm.cfm
YOUR Congressman: https://forms.house.gov/wyr/welcome.shtml
or: Speed Message them with your personal distribution list...
and as always, pass it on...
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