Sen. Rand Paul yesterday introduced legislation and took to the Senate floor to call for a Senate vote of no confidence in Treasury Secretary Timothy Geithner. Passage of the motion will indicate that the U.S. Congress has no confidence that Secretary Geithner will institute policies that will reverse the downgrade in America’s debt and our current economic insolvency. Immediate action on the no-confidence vote was blocked by Senate Democrats.
“The current Administration’s gross mismanagement of the U.S. economy, at the helm of which has sat Secretary Geithner through financial debacle and decline, must end now,” Sen. Paul said.
The language of the resolution simply states that both Congress and the American people have lost confidence in Secretary Geithner.
Sen. Paul’s motion stems from Geithner’s failure to institute policies to curb rising unemployment, prices and debt. During his tenure at the Federal Reserve and as Treasury Secretary, Secretary Geithner had a direct role in the failure of the Fed to diagnose and act on the housing crisis. He presided over bank bailouts, auto bailouts and failed trillion-dollar stimulus plans.
When he was nominated to the Treasury post by President Obama, it was revealed that Geithner had not paid $35,000 in self-employment taxes for the years 2001–2004. This failure to pay was noted during a 2006 audit by the Internal Revenue Service (IRS), in which Geithner was assessed additional taxes of $14,847 for the 2003 and 2004 tax years. The statute of limitations had expired for 2001 and 2002, and Geithner did not file amended returns or pay the additional amounts due for those years until after he was nominated to be Secretary of the Treasury. He also deducted the cost of his children's sleep-away camp as a dependent care expense, when only expenses for day care are eligible for the deduction.
Sen. Rand Paul Seeks Vote Of No Confidence In Secretary Geithner - 09/07/11
Louisville.com's The Arena section features opinions from active participants in the city's politics. Their viewpoints are not those of Louisville.com (a website is an inanimate object and, as such, has no opinions).