Bill requires government to end ownership of private industries. - KLTV.com - Tyler, Longview, Jacksonville |ETX News

Bill requires government to end ownership of private industries. Love it or Hate it? Leave your comments.

Posted by Ellen Krafve - email

USA (KLTV) - New legislation has been proposed that would require the federal government to end its ownership of the private industries it has acquired over the past 15 months under the financial industry bailout (Troubled Asset Relief Program, TARP).

The bill is called the Government Ownership Exit Plan Act of 2009.

"This legislation provides the federal government with an exit strategy to protect American taxpayers and ensure that the unprecedented government intervention into the private market is only temporary," said Sen. John Cornyn. "This bill will also contain the government's footprint on our free market system, which has set a dangerous precedent and could lead to serious conflicts of interest between the federal government and the private sector."

The federal government is heavily involved in several industries, including the banking and auto industries.

Click here for more information on the proposed legislation.

What do you think about the bill? Does congress need to pass this legislation to hold the government accountable? In what ways could this bill help or hurt our economic situation?

©2009 KLTV. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

  • NewsMore>>

  • Day 3 of Troup Murder Trial: Scales takes the stand

    Day 3 of Troup Murder Trial: Scales takes the stand

    Thursday, July 20 2017 10:01 PM EDT2017-07-21 02:01:06 GMT
    The defendant, Joshua Scales, takes the stand to testify today in the Smith County Courthouse.The defendant, Joshua Scales, takes the stand to testify today in the Smith County Courthouse.

    On Thursday, Joshua Scales, an East Texas man charged with murder, took the stand to testify on day three of the trial. Joshua Scales is on trial for the summer 2016 murder of Jordan Ladue in Troup. 

    More >>

    On Thursday, Joshua Scales, an East Texas man charged with murder, took the stand to testify on day three of the trial. Joshua Scales is on trial for the summer 2016 murder of Jordan Ladue in Troup. 

    More >>
  • SFA picked sixth in preseason poll; Jacks take part in SLC Media Day

    SFA picked sixth in preseason poll; Jacks take part in SLC Media Day

    Thursday, July 20 2017 8:25 PM EDT2017-07-21 00:25:09 GMT
    SFA football picked ot finish sixth in the SLC.SFA football picked ot finish sixth in the SLC.

    With the beginning of Stephen F. Austin's 91st season of football rapidly approaching, head coach Clint Conque, junior defensive lineman Lamont Alexander and sophomore wide receiver Tamrick Pace completed the first official football event of the year by taking part in the 2017 Southland Conference Football Media Day at Hilton Americas in Houston.  After learning they were picked to finish sixth in the 2017 Southland Conference preseason poll...

    More >>

    With the beginning of Stephen F. Austin's 91st season of football rapidly approaching, head coach Clint Conque, junior defensive lineman Lamont Alexander and sophomore wide receiver Tamrick Pace completed the first official football event of the year by taking part in the 2017 Southland Conference Football Media Day at Hilton Americas in Houston.  After learning they were picked to finish sixth in the 2017 Southland Conference preseason poll...

    More >>
  • Prayers asked for severely injured Lone Star firefighter

    Prayers asked for severely injured Lone Star firefighter

    Thursday, July 20 2017 8:21 PM EDT2017-07-21 00:21:22 GMT
    (Source: Linda Shirley Campbell)(Source: Linda Shirley Campbell)

    An East Texas community is coming together after a volunteer firefighter was severely injured.  

    More >>

    An East Texas community is coming together after a volunteer firefighter was severely injured. 

    More >>
Powered by Frankly