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Promises, Promises: Sunlight Before Signing Another Campaign Casualty
Monday, September 27, 2010 12:02 PM
The President is poised to sign the Small Business Act into law this afternoon. This will constitute another broken campaign promise to post all non-emergency legislation that has passed Congress online for five full days before signing the bills into law. The bill, which passed the House on Thursday, was not posted on the White House website until Friday. While we do not support the notion that weekends can be sensibly counted as "waiting period days," even their inclusion in this instance would represent a significant breach of his Sunlight before Signing promise.
The Small Business Jobs Act moves to establish TARP Junior and provide $30 billion in taxpayer-funded capital to struggling small banks. The bill passed in the wake of news that most small banks that received money under the poorly-conceived TARP program have failed to pay dividends on their loans. Predicated on these failures, the Small Business Jobs Act should be available to taxpayers scrutiny for at least five days.
This is especially true given the fact that CBO made the unusual step of scoring the bill TWICE. Once, as it is mandated to do, using overly optimistic projections based on unlikely dividend payments, and again using real-world market values to show that this lending fund will cost taxpayers at least $6.2 billion more in risky assets, if not more. The President, whose favorability is so low only 38 percent of Americans believe he should be reelected, might be wise to uphold at least one campaign promise that got him into office last year...
Reader Comments:
Well put, sir, well put. I'll cretaliny make note of that.
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