Capito Welcomes House Vote On AIG, But Says Real Issue Is Lack Of Transparency From The Beginning

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Capito Welcomes House Vote On AIG, But Says Real Issue Is Lack Of Transparency From The Beginning

As Congress votes on legislation to recoup bonuses from AIG, Rep. Shelley Moore Capito, R-W.Va., says controversies like this one are precisely why many members of congress called for more thorough consideration and improved taxpayer protections when Congress first took up financial bailouts last fall.

"I think we all want to see these bonuses repaid, but today's debate overlooks the underlying reality that West Virginians deserved a plan that was transparent and fair from the beginning ," said Capito, an original opponent of last fall's financial "rescue" package.

"Instead they've seen story after story of bonuses, trips or excessive spending without adequate taxpayer protections put in place. These are precisely the type of issues some of us warned about before Congress went down this road of bailouts and handouts. Taxpayers deserve their money back and they had a right to expect legitimate oversight."

During last fall's votes and debates about the original financial rescue plan, Capito spoke out with her concerns about the perils of such bailouts.

"We are in uncharted waters and I have a fundamental disagreement with the idea that we were about to spend $700 billion of taxpayer money to protect Wall Street investments without significant assurances that this would work," she said after the September 30, 2008 vote. "This is too much money, with too little time, too little support and no way to know if the plan would even do the job."

After the October 3, 2008 vote, she called the financial rescue plan "a process that lacks sufficient oversight and taxpayer protections for West Virginia families who pay their bills and play by the rules."

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