Mark Up the Bail-Out Budget Yourself

Congress is moving rapidly to enact a gigantic taxpayer bailout of the financial sector, with a potential cost of $700 billion or more than $2000 per American citizen. The folks at believe, as Justice Brandeis said, that “Sunlight is the best of disinfectants,” and that all legislation ought to be open to public comment and consideration in real-time, not just after the fact.

So, as a public service, they’ve posted for public comment the 44-page proposal currently in front of Congress from Senator Chris Dodd (Chair of the Senate Committee on Banking, Housing and Urban Affairs) and the eight-page text of the “Legislative Proposal from Treasury Department for Authority to Buy Mortgage-Related Assets.”

Section 8 of the Treasury Department documents states: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”

Isn’t it this lack of oversight and “just trust me” attitude that got us into this mess? “Budgets are moral documents” as we say at Sojourners, repeating the Hebrew prophets..

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