Senate Committee On Finance Vote On The Nomination Of Timothy Geithner To Be Treasury Secretary
Statement
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SEN. CRAPO: Thank you very much, Mr. Chairman.
And I, too, join with you in welcoming our new members to the committee. I was the one on our side who worked with our leader to help put all this together, the committee assignments and so forth, and so I know what goes into these decisions. And I truly look forward to working with Senator Enzi and Senator Cornyn, Senator Carper, Senator Menendez and Senator Nelson as our new members here.
This is a tremendous committee. And as the discussion we're having today shows, the issues that we deal with are far reaching and, particularly in today's climate, very momentous.
I, too, intend to support the nomination. I tend to share the sentiments made by Senator Carper and joined in by Senator Cornyn with regard to the tax issue.
And with regard to the substantive issues regarding how we are going to deal with our economy and the incredible threats that we face today, I find myself in an interesting position. I did not vote for the first rebate plan. And, as Senator Conrad indicated, it didn't really do much, if anything. It was $160 billion that our children and grandchildren are now going to have to pay back.
I did not vote for TARP I, because I didn't think the toxic asset purchase plan was sensible. I was one of those who was quite pleased when there was a pivot, and the funds from TARP I were used in other ways. I don't know that I'm as confident that they were used wisely even then. But another $350 billion is now spent.
And as we face a $1.2 trillion deficit, not counting the stimulus package that is being put together and the TARP funds, it appears to me that Congress is in a runaway spending mode. And we need some strong leadership to help us work through these issues.
I had a long meeting yesterday, and have had other conversations with Mr. Geithner, and I don't know that he comes from the perspective I would come from, frankly because, as Senator Cornyn indicated and I agree with these comments of his as well, I'm not sure anybody knows exactly where we ought to be going and how we ought to be managing the situation in terms of the governmental intervention that everyone is contemplating.
I have strong doubts about what we expect to see from TARP II. I have even stronger doubts about what we are seeing in the stimulus package and the way that it is being crafted. But the reason I intend to vote yes is because I believe that of those decisions that we need to face, Mr. Geithner has a strong background and already a strong involvement and engagement and is going to be able to be a strong member of the leadership team that our president has asked that we put together and move forward on.
And, like I say, I'm not -- after discussing issues with Mr. Geithner -- I'm not sure that he comes from where I come from. But he's the president's nominee. And we need somebody in place who can start working and working aggressively.
And I agree with the sentiments that Senator Hatch shared as well, namely that I'm confident that he will be a very open secretary of Treasury and will work with not only both sides of the aisle but with all perspectives in trying to come together and identify the right path forward for our country.
So, although I have great reservations about the direction that we and the administration are looking at going, I'm willing to support this nomination and get on with the issues of trying to work these things through.
Thank you, Mr. Chairman.
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