Administration No-Show at GOP Meeting

Posted September 18, 2008 at 1:06pm

House Republicans were scheduled to meet with administration officials Thursday morning to discuss the tumultuous financial sector, but they had to cancel the Conference meeting because officials declined to meet with them.

“The administration refused to send anyone up,” said Minority Leader John Boehner (R-Ohio). GOP Members are “concerned about the lack of information, the lack of consultation that’s occurred.”

Boehner said he has received an occasional phone call from the administration when a major bailout is about to occur, but only minutes before the decision was publicly announced.

Meanwhile, members of the conservative Republican Study Committee called for an end to bailouts. They said the practice does more harm than good in the long run.

“It is time to bail out the American taxpayer from bailout mania,” said RSC Chairman Jeb Hensarling (Texas). He proposed tax cuts for corporations and cuts in the capital gains tax rate as a better alternative to bailouts.

While some Democrats have expressed interest in examining whether Federal Reserve Chairman Ben Bernanke has too much concentrated power to direct federal dollars for bailouts, GOP leaders were on the fence.

“I don’t know whether he has too much power,” Boehner said. “It’s a question of whether the Federal Reserve has too much power.”