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Melancon (D for TX 4) Never Surrender to Financial Terrorism

by: Glenn Melancon

Mon Sep 22, 2008 at 00:57 PM CDT

The wizards of Wall Street are threatening the survival of our republic and the free market.  They want Congress to surrender budgetary authority to the President just like it surrendered War Powers during the debate over Iraq.  It was wrong then, and it's wrong now.  We must have accountability and transparency.

Our Founding Fathers wisely limited each branch of government and assigned each part specific responsibilities.  The Constitution is clear-Congress, not the President nor the Federal Reserve, is the "decider."  Congress decides how much to spend and what to spend it on.  George Bush's request for a blank check to bail out Wall Street strikes at the very heart of our Constitution.  If our Representatives write the check without protections for the taxpayers, then the American experiment of limited government will be over.

George Bush's irresponsible plan to save Wall Street also throws back the curtain on corporate hypocrisy and control.  Every time average Americans demand a fair chance to compete in the global market place, large corporations spend billions of dollars to fight us.  Health Care for all Americans-No way.  Affordable energy-Impossible.  A clean environment-You've got to be kidding.  Small Class sizes-We can't pay for that.  Fair Trade-You'll crash the Global Market.

Wall Street doesn't want a free market.  It wants a market rigged to transfer tax dollars to their bank accounts.  Neither George Bush nor Wall Street should be calling the shots in this hour of crisis.  Congress is in charge.  Congress should demand the following changes in exchange for a check.

Corporate Transparency and Accountability

  • Punishment for corporate executives:  Any out-going executive asking for a government handout must agree to surrender all stock options, bonuses, and "golden parachutes."  Failed executives shouldn't be rewarded with tax-payer dollars.
  • Restore Independence of Directors:  Corporate boards must be composed of individuals who are free of conflicts of interest.  Large stock-holders shouldn't sit on their own boards.
  • Require performance-based compensation packages:  Stock holders must be the ultimate beneficiaries of a company.  Executive pay must be directly tied to long-term stock performance.

Marketplace Transparency and Accountability

  • Expose derivatives to public scrutiny: Secret derivatives are insecurities, not securities.   Publically traded companies must disclose all mathematical formulas used to calculate profits and risks.
  • Restore the firewalls between commercial and financial banks: In today's market financial fires spread faster not slower.  Firewalls are essential to containing the disaster.
  • Require increased capital reserves: Banks can't function without real assets to back up their loans.  Banks must have sufficient capital reserves to cover their losses.

There are two basic requirements for representative government and free market capitalism-transparency and accountability.  Neither can survive if secret deals allow a handful of people to rig the system.

Now is the moment of truth.  Will we surrender to financial terrorists or will we rebuild the America that we all love?  I'm ready to fight.  Are you?

Help me fight back.  Your contribution will help fight for a better America.  Please donate today: http://www.melanconforuscongre...

Glenn Melancon of Sherman is the Democratic candidate in Texas' 4th Congressional District. The district includes Bowie, Camp, Cass, Collin, Delta, Fannin, Franklin, Grayson, Hopkins, Hunt, Lamar, Morris, Rains, Red River, Rockwall and Titus counties.

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