Government Ownership Exit Plan Act of 2009

johnthune.com ^ | John Thune

[retrogo]

The government has taken unprecedented actions over the past 15 months to stabilize the economy, including taking direct ownership stakes in private companies.  This creates a dangerous conflict of interest between the federal government and the private sector.  The government shouldn’t be an owner of companies it regulates in the private marketplace.

Ends government ownership of private companies by:

• Preventing the U.S. Treasury from purchasing additional ownership stakes in private companies in any form, including preferred stock, common stock or warrants.
• Requiring the U.S. Treasury to sell any ownership stake of private entities by July 1, 2010.
• Requiring the Secretary of the Treasury to submit a plan within 90 days for how it will end the conservatorship of Fannie Mae and Freddie Mac and end government ownership of those entities.

Protects taxpayers by:

• Requiring that revenue from the sale of assets be dedicated to debt reduction.
• Allowing the Secretary of the Treasury to hold current assets for up to one additional year, IF the assets are determined to be undervalued AND if there is a reasonable expectation that the assets will increase to the original purchase value in the near future.
• Prohibiting the U.S. Treasury from holding any direct ownership in private companies beyond July 1, 2011, without additional authority granted by Congress.

Protects private sector management decisions and prevents conflicts of interest by:

• Prohibiting the federal government from influencing management decisions of private companies in which it currently holds ownership by appointing senior executives and board members, closing plants, modifying labor contracts, or influencing other financial decisions of the companies.

Increases transparency and accountability by:

• Requiring Treasury to report to Congress any government-held ownership stake in a private entity and any loans or loan guarantees made by the Federal Reserve.
  
• Providing that the government ownership divestiture process will be overseen by the TARP oversight board and requiring Treasury to report to Congress on the progress of the divestiture process.

[retrogo]

(I received this part below by email on June 25, 2009)

Friends,

I am writing today to ask you again to sign the petition in support of my bill S. 1242 the Government Ownership Exit Plan Act of 2009.

More than 10,000 Americans have signed the petition so far to show their support for ending government ownership of GM, Chrysler, AIG, and more than 500 other private companies, prohibiting government interference in the day-to-day management of those firms, and stopping the bailouts under TARP.

Our effort is gaining momentum, and I need your help to continue to bring this issue to the forefront of the national debate over our nation’s unprecedented spending and debt.

The bill has now been endorsed by the U.S. Chamber of Commerce, the National Taxpayers Union, the American Conservative Union, Citizens Against Government Waste, and Americans for Tax Reform. Read more about what these groups had to say about this legislation.

I am working hard to get an up or down vote in the Senate on the bill. We now have twelve co-sponsors, and I am doing my best to speak out on this issue. Watch my appearance on Fox Business to discuss the legislation or read the editorial “Thune proposal on the right track,” by one of my home state newspapers, the Rapid City Journal.

Watch Fox Business video

Visit my website to view the latest news coverage of this issue. Please sign the petition and continue to help my effort to get an up or down vote on this bill by forwarding my petition to your friends and asking them to sign. There’s a clear explanation of all the provisions of the bill on my website.

The more support we have, the more pressure we can put on Senate leadership to allow a vote on this critical legislation.

Thanks again for your help. I value your input and assistance.

Sincerely,

John Thune
U.S. Senator

[wbones8765]

I signed and believe that we need to keep goverment out of business, and our lives.

[smokingfrog]

bookmark

[MrsPatriot]

How is this going to help when the man responsible ignores the existing United States laws? Congress passing another law is pointless unless they find a way to force the executive branch to obey them.

[AliVeritas]

ping

[HonestConservative]

I signed it,

but John Thune’s got a contribute to John Thune page hooked on to it.

Sen. THune, this is what YOU get paid for.

[sono]

“The problem with socialism is that you eventually,
run out of other people’s money.” – Margaret Thatcher