Reseda, CA – With debate raging over the
Treasury Secretary’s hefty financial bailout
proposal, Congressional candidate Navraj Singh
warned against a new Democratic bailout proposal
just presented by his opponent Rep. Brad Sherman
(D-CA 27th) that calls for increasing government
control over the financial industry and forgiving
mortgage debts for homeowners in bankruptcy.
“Sherman and others in congress have been heavily funded by the financial and real estate industry, to the tune of over $1.1 billion. So, how can we expect them to regulate companies that have kept them in power? At the same time, Sherman is a socialist liberal who has taken over one million dollars from labor unions. The bankruptcy provision is an obvious appeasement of these unions. Frankly, Sherman’s proposal paves the way for a socialist state that will institutionalize corruption by allowing lawmakers to get their hands into every business deal.” Singh said.
Singh, a Republican, said he did not favor the $700 billion bailout presented by the Bush administration as it unfairly puts the entire burden of the financial meltdown on the taxpayers and gives excessive power to one individual, the treasury secretary.
“But the Sherman solution is worse than the disease it’s trying to cure. More regulation, especially by lawmakers who are in the pockets of lobbyists and special interests, is not the solution. Who will regulate these corrupt lawmakers?” he asked.
Sherman, a member of the House Financial Services Committee, has proposed an alternative bailout plan in which the Secretary of the Treasury will be supervised by a bipartisan three member board with one appointed by the House Speaker and one by the Senate Majority Leader. The plan includes provisions for fast-tracking regulatory and governance reform, limiting executive compensation for entities taken over by the government, and homeowner protection and bankruptcy reform.
“Are we to trust House Speaker Nancy Pelosi (D-CA) who has taken nearly two million dollars in contributions from the finance and real estate industry and Senate Majority Leader (D-NV) who has received $2.45 million from these same sectors to act objectively and in the interests of the taxpayer? Sherman’s proposal is a hoax,” Singh declared.
Singh said the bi-partisan House Financial Services Committee already has regulatory oversight over the financial services sectors including banking, insurance, real estate, public and assisted housing, and securities. “Sherman and others on the Committee did not act with the integrity we expect of members of such a powerful body. Where was their oversight of Wall Street? It stands to reason that we cannot trust these very people to come up with solutions to the problems they helped to create.”
He called for a cleanup of the existing regulatory institutions and said taxpayers must resist the move to create additional regulatory bodies.
Navraj Singh, a successful businessman who is running for the California 27th District in Congress, has pledged, if elected, to donate his congressional salary to the families of military service personnel who have died in Iraq.
For more information: (310) 967-3477
www.singhforcongress2008.com
“Sherman and others in congress have been heavily funded by the financial and real estate industry, to the tune of over $1.1 billion. So, how can we expect them to regulate companies that have kept them in power? At the same time, Sherman is a socialist liberal who has taken over one million dollars from labor unions. The bankruptcy provision is an obvious appeasement of these unions. Frankly, Sherman’s proposal paves the way for a socialist state that will institutionalize corruption by allowing lawmakers to get their hands into every business deal.” Singh said.
Singh, a Republican, said he did not favor the $700 billion bailout presented by the Bush administration as it unfairly puts the entire burden of the financial meltdown on the taxpayers and gives excessive power to one individual, the treasury secretary.
“But the Sherman solution is worse than the disease it’s trying to cure. More regulation, especially by lawmakers who are in the pockets of lobbyists and special interests, is not the solution. Who will regulate these corrupt lawmakers?” he asked.
Sherman, a member of the House Financial Services Committee, has proposed an alternative bailout plan in which the Secretary of the Treasury will be supervised by a bipartisan three member board with one appointed by the House Speaker and one by the Senate Majority Leader. The plan includes provisions for fast-tracking regulatory and governance reform, limiting executive compensation for entities taken over by the government, and homeowner protection and bankruptcy reform.
“Are we to trust House Speaker Nancy Pelosi (D-CA) who has taken nearly two million dollars in contributions from the finance and real estate industry and Senate Majority Leader (D-NV) who has received $2.45 million from these same sectors to act objectively and in the interests of the taxpayer? Sherman’s proposal is a hoax,” Singh declared.
Singh said the bi-partisan House Financial Services Committee already has regulatory oversight over the financial services sectors including banking, insurance, real estate, public and assisted housing, and securities. “Sherman and others on the Committee did not act with the integrity we expect of members of such a powerful body. Where was their oversight of Wall Street? It stands to reason that we cannot trust these very people to come up with solutions to the problems they helped to create.”
He called for a cleanup of the existing regulatory institutions and said taxpayers must resist the move to create additional regulatory bodies.
Navraj Singh, a successful businessman who is running for the California 27th District in Congress, has pledged, if elected, to donate his congressional salary to the families of military service personnel who have died in Iraq.
For more information: (310) 967-3477
www.singhforcongress2008.com