Thursday, June 18, 2009

Duncan Supports "Government Ownership Exit Plan Act of 2009"

Congressional candidate, Rep. Jeff Duncan calls on the
SC Congressional Delegation to support the
Government Ownership Exit Plan Act of 2009

Legislation would stop the purchase of private entities, set a timetable to sell assets, re-privatize Fannie & Freddie, and create penalties for elected officials attempting to influence the management of private businesses

Clinton, S.C. – June 18, 2009 – Laurens County legislator and third congressional district candidate Jeff Duncan sent an open letter to the SC Congressional delegation today, urging them to support the Government Ownership Exit Plan Act of 2009. The legislation which originated from Senator John Thune R-SD, sets clear restrictions on the use of federal TARP funds. The legislation immediately blocks the federal government from purchasing of any additional shares of private businesses and sets a deadline of July 1, 2009 for the government to sell any remaining corporate holdings.

The Troubled Asset Relief Program or TARP was originally established to purchase “toxic assets” from banks and other corporate organizations. However, most of the near $800 billion in TARP funds have instead been used to purchase ownership stakes in automotive companies and financial institutions. Another controversy has arisen over the “recycling” of TARP funds. Under the status quo, when corporations pay back the TARP funds to the federal government, instead of the revenue being used to pay down the deficit, the money is returned to the TARP fund for the purchasing of more corporate assets.

“The government’s intrusion into the management of private businesses is disgraceful, and un-American. The GOEP Act is the first step towards returning some fiscal sanity to Washington. President Obama has said that he wants to end the government ownership of businesses as soon as possible. Therefore I see no reason why he, his colleagues, and all Republican members of Congress would not support this legislation in its entirety,” said Rep. Jeff Duncan.

Rep. Duncan states that he felt it was important to bring this legislation to the attention of the voters in the 3rd Congressional District. “Everywhere I’ve traveled in the district, voters have been furious with the irresponsibility they have seen lately in Washington. When I learned of Senator Thune’s legislation, I wanted to act and show the voters of South Carolina that there is a clear and reasonable solution to this particular problem. We can’t afford to wait another day without taking action on this issue, and that is why I’m urging South Carolina’s Congressional delegation to act immediately to address the problem.”

Rep. Jeff Duncan is running for the 3rd Congressional District seat being vacated by Congressman Gresham Barrett.