MONDALE JOINS FRANKEN TO HOLD COLEMAN ACCOUNTABLE FOR OVERSIGHT FAILURE
Vice President: “When That Subcommittee Is Silent, Corruption Reigns”

As Bush Administration Seeks $700 Billion Bailout, Mondale and Franken Call For Return Of Real Accountability In Washington

SAINT PAUL [09/24/08] - DFL U.S. Senate candidate Al Franken was joined today by Vice President Walter Mondale for a Capitol news conference to expose Norm Coleman’s false excuses for failing to do any oversight of the Iraq reconstruction as chairman of the Senate Permanent Subcommittee on Investigations.

Al Franken:

“I’m honored to be joined today and in this campaign by a man who understands the U.S. Senate better than anyone. Walter Mondale knows that the Senate’s job is to hold the administration accountable - and that’s a big difference between me and Norm Coleman. Whether it’s the war in Iraq or the Wall Street bailout, I believe that the government should be a good steward of taxpayer dollars. Norm Coleman would rather dance to President Bush’s tune. It’s time for a change in Washington.”

Vice President Walter Mondale:

“I have served in the Senate. I love the Senate. And more importantly, I understand the constitutional responsibility the Senate has to perform oversight, and the special role Norm Coleman should have played in performing oversight on the reconstruction of Iraq during the pivotal years of 2003 and 2004. That he failed so miserably in that role cost taxpayers billions of dollars, cost our effort to win in Iraq, and failed to preserve our system of checks and balances. When that subcommittee is silent, corruption reigns.”

Today’s news conference comes in the midst of another national conversation about accountability and oversight, with regards to the $700 billion bailout package proposed by the Bush administration. On a Tuesday conference call, Franken demanded that the following principle guide the package:

1. No blank check. “Not one dime should go to this bailout without independent oversight, real accountability, and complete transparency.”
2. Taxpayers get a stake. “If we’re footing the bill for keeping these companies afloat, taxpayers should get an equity stake so that we can share in the benefits when and if they get back on their feet.”
3. No golden parachutes. “In the public sector, there’s no such thing as a golden parachute. And if we’re going to sacrifice $2,000 for every Minnesota taxpayer to bail out these companies, these executives are going to learn about sacrifice, too. So, all excessive compensation, bonuses, and severance agreements are hereby cancelled.”
4. Bring back oversight. “We need to restore the regulatory framework dismantled with George W. Bush in the White House and Norm Coleman in the Senate so that this doesn’t happen again.”
5. Help homeowners. “The foreclosure crisis caused this problem, and we still haven’t taken the steps I’ve been proposing for months to address it. We have to freeze foreclosures and allow bankruptcy judges to re-set mortgages on primary residences.”
6. Protect consumers. “I’m calling for a new Financial Products Safety Commission with similar duties and powers to the Consumer Product Safety Commission.”

This week, the Franken campaign has focused on accountability and oversight in Washington. On Monday, Franken and Army veteran Daryl Bong embarked on a statewide tour to expose Coleman’s record of failing to hold Halliburton and other contractors accountable for war profiteering while Coleman was chair of PSI. On Tuesday, the Franken campaign released a new ad, “Committee,” on the same subject.

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This entry was posted on Wednesday, September 24th, 2008 at 11:37 and is filed under Press Releases. You can follow any responses to this entry through the RSS 2.0 feed.