Marcy Kaptur: “Today the administration, with the acquiescence of the top leaders in this Congress, announced a sweeping $47.5 billion…”

“Today the administration, with the acquiescence of the top leaders in this Congress, announced a sweeping $47.5 billion bailout of the Government of Mexico and its Wall Street creditors by our taxpayers through the instrumentalities of the United States, including our U.S. Treasury, our Federal Reserve, the International Monetary Fund, into which the United States pumps money, and the Bank for International Settlements, on whose board sit the chairman of our Federal Reserve and the chairman of the New York Federal Reserve. All of this was done without a vote of the Congress of the United States, the only federally elected officials representing the people of this country. This newest proposal is a perpetuation of the worst kind of manipulative politics, both here in our country and in Mexico. And from a constitutional standpoint, it is absolutely precedent setting in the abuse of power by our own Federal Reserve, in collaboration with the U.S. Department of Treasury. This new proposal is nothing short of a circumvention of the democratic process and a circumvention of the proper role of the elected leaders of the Congress of the United States. The administration chose this path because they knew that they did not have the votes in this Congress, nor the support of the American public. In fact, over 80 percent of the American people oppose this bailout. This new proposal is representative of what is wrong with politics in our country: not reflecting the will of the people.”