Smith Statement on AIG Bonus Legislation

Statement

Smith Statement on AIG Bonus Legislation

Congressman Adrian Smith (R-NE) released the following statement concerning today's vote on leveling additional taxes on certain recipients of federal TARP funds.

Smith opposed the legislation, instead calling for the House of Representatives to bring up proposed legislation introduced by Rep. Erik Paulsen (R-MN) which would deny AIG bailout money until 100 percent of bonuses are returned to taxpayers.

"I have heard from hundreds and hundreds of Third District residents upset with the way this whole "economic rescue" has been handled - and I share their outrage.

"This is the danger of pushing through huge pieces of legislation with little or no oversight during the legislative process. We pass bills which have these huge loopholes in them, and then we have to pass legislation patching the holes - skirting the Constitution on occasion.

"My votes today were twofold. First, gimmicks used to provide political cover have no place in Congress - particularly during these tough times. Second, the legislation I supported would return 100 percent of these bonus dollars to the Treasury without putting taxpayers on the hook for lawsuits. It defies logic why there would be opposition to this common sense, fiscally prudent measure, which we did not have the chance to debate."

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