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 marketsystem, 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?
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