Preserving Capitalism In America Amendment

Floor Speech

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Mr. TURNER. Mr. Speaker, a growing number of Americans are concerned about the future of capitalism in this country. The current economic recession has opened the door to government intervention in private enterprise on a scale many have never seen. A majority of Americans oppose the government takeover of the auto manufacturers and want the government out as soon as possible.

Just as troubling as the government's rapid control over private industry is the failure to present an exit strategy. With no apparent limit on the government's ability to expand its ownership of business, the only solution is a constitutional amendment.

Yesterday I introduced H.J. Res. 57, the Preserving Capitalism in America Amendment. The constitutional amendment would prohibit the acquisition of any stock or equity interest in private corporations by the Federal Government. This amendment was introduced with 102 cosponsors, nearly a quarter of the membership of the House. Eight States currently have constitutional prohibitions against government investment in private corporations, and I believe similar action is necessary on the Federal level to limit government intrusion.

I urge my colleagues to join me in supporting H.J. Res. 57, the Preserving Capitalism in America amendment.

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