Statement Of Senator Patrick Leahy In Support Of The Financial Bailout

first_imgStatement Of Senator Patrick LeahyIn Support Of The Financial Bailout PackageOctober 1, 2008This financial crisis is rooted in material actions involving executive greed and ineptitude, flawed economic policies, and the incompetence of on-the-scene regulatory agencies. And we are dealing with this crisis at the unfortunate intersection of two toxic trends: the loss of confidence in our financial system, and the public’s loss of confidence in the Bush Administration. Many have come to agree with those of us who have long felt that ‘trust me’ is not enough when this White House asks for sweeping new powers.As this crisis spreads, threatening to harm our families, businesses and communities, the clock has been running out on the federal government’s opportunity to try to staunch the damage. I opposed the original Bush plan, which was fatally flawed on several counts. Since then I have worked in good faith to fix its shortcomings, and by now several constructive changes have been made. After many fits and starts and long negotiations that have run through many nights, the clock is close to running out. As the Senate has prepared to vote on this revised plan, I have weighed its flaws and its improvements against the need for action to avert a wider credit crisis and the harm that would bring to Vermont and the nation.I had long talks on the day of the vote with Chairman Dodd and Senator Obama and others to understand their reasons for supporting this plan. I have come to agree with them that, while it is far from perfect, it is better than the alternatives at this crucial point. The spreading national emergency tips the balance in favor of this revised plan.Vermonters are divided on this, and I know that many will disagree with my decision. I respect their views and appreciate the many suggestions they have made to improve this plan or to try other approaches. Many improvements have been made. With credit conditions for businesses, public institutions, states, localities, and average Americans deteriorating every day, I believe that acting now to help put our economy on an even keel has become even more of an urgent priority.The bill that the Senate voted on tonight has changed significantly since President Bush first proposed a $700 billion blank check last week. It provides greater checks and balances on the government’s authority. Any actions taken by the Treasury Secretary should be approved by an oversight board, supervised by an Inspector General, reviewed under the Administrative Procedures Act, and examined by the courts if there is a question of fraud or abuse. I fought and won in adding the check-and-balance of judicial review.This revised plan increases the government’s insurance of consumers’ and businesses bank deposits from $100,000 to $250,000. This would safeguard the savings deposits of families and businesses and farmers in Vermont and protect the checking accounts of businesses that continually need to buy materials, sell their products and make their payrolls.This plan now also tightens the restrictions on executive pay and banning golden parachutes for firms participating in the program. Under current law, there are no restrictions on the amount of executive compensation that Wall Street CEOs can be paid. With these people having their hand out for a federal bailout, we should limit executive pay and prohibit greedy executives from walking away from the mess they created with millions while regular American investors lose their savings and retirement funds.My decision to support this remedy did not come lightly or easily. The worsening crisis has made the choice increasingly clear — and the stakes of doing nothing, significantly higher.# # # # #last_img read more

Four Centres Picked for U-17 World Cup in Brazil

first_imgThe Estádio Bezerrão in Brasília (Gama) will make football history on 26 October when it hosts the opening match of the FIFA U-17 World Cup, the first-ever edition of this prestigious tournament to be staged in Brazil.The competition has previously served as a springboard for an array of world stars, such as Gianluigi Buffon, Francesco Totti, Ronaldinho, Xavi, Toni Kroos and Neymar.The other tournament venues will be Goiânia’s Estádio Olímpico and Estádio da Serrinha, as well as the Estádio Kléber Andrade in Vitória (Cariacica), in line with FIFA and the LOC’s commitment to bringing the excitement of the FIFA U-17 World Cup to local communities that have never before hosted a FIFA event. The successors to current FIFA U-17 World Cup champions England will be decided on 17 November, also at the Estádio Bezerrão.Hosts Brazil, who are three-time winners of the tournament, will be pre-assigned to position A1 in the draw and will therefore feature in the opening match.FIFA’s Chief Tournaments & Events Officer, Colin Smith was full of encomium for the Brazilian FA, assuring football stakeholders that this edition would be fantastic for both teams and fans.“With their great passion for football and vast experience of organising world-class sporting events, I am convinced that Brazil and the Brazilian Football Association (CBF) will be fantastic hosts of this year’s FIFA U-17 World Cup.“I believe that the four selected stadiums offer the right size and facilities for this competition, and we are very excited to bring this thrilling tournament to venues that have never hosted a FIFA event before. Thanks to the excellent cooperation and contribution of the CBF and Local Organising Committee, I am sure that we will be able to provide all teams, fans and officials with the best possible conditions,” he noted.Beside hosts Brazil, the following member associations have qualified for the FIFA U-17 World Cup 2019:AFC: Australia, Japan, Korea Republic and TajikistanCAF: Angola, Cameroon, Nigeria and SenegalCONCACAF: Canada, Haiti, Mexico and the USACONMEBOL: Argentina, Chile, Ecuador and ParaguayOFC: New Zealand and the Solomon IslandsUEFA: France, Hungary, Italy, the Netherlands and SpainThe draw will take place at the Home of FIFA in Zurich on 11 July 2019 at 15:00 (CET) and will be live-streamed on FIFA’s YouTube channel.The previous edition of the FIFA U-17 World Cup, which was hosted by India in 2017, was a huge success and featured a number of players who have made headlines since, including England’s Jadon Sancho and Phil Foden, Germany’s Jann-Fiete Arp and Mexico’s Diego Lainez.Meanwhile, Senegal’s qualification for the tournament has been confirmed by CAF. Its Disciplinary Committee disqualified Guinea.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more