“Rep. Barney Frank (D-Mass.) wants hedge funds and major financial institutions to foot the bill for housing relief programs, under a new bill he introduced Thursday.” ( Frank Wants Wall St. to Pay for Housing Relief, The Hill, Peter Schroeder, 3/17/2011).
Congressman Frank is missing the intent of the Constitution on this one, also.
In his proposed “Emergency Mortgage Relief and Neighborhood Stabilization Program Cost Recoupment Act of 2011” Frank is trying to legislate that major hedge funds should pay for mortgage bailouts. This is the consummate abuse of government power to take other people’s money.
Just the other day Barney was out to lunch (no, I mean really out to lunch). As luck would have it Glenn was there too, sitting in the corner with Bill, and Sean. When the waiter brought Barney and buddy their check the Congressman proudly proclaimed, “Give it to those three guys over there, they have more money than the entire government”.
Well, of course that did not really happen, but it is does highlight Representative Frank’s theory.
It is a violation of the intent, and maybe the letter of the Constitution.
The Constitution specifically says;
“The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;”
This section of the Nation’s guiding principles is one of the challenges of the states against Obamacare. The intent can be made to apply with respect to Rep. Frank’s “Emergency Mortgage Relief and Neighborhood Stabilization Program Cost Recoupment Act of 2011”.
First, Congress has authority to tax for the general welfare of the united states. This proposed Act is designed to serve a specialized group of people. Second, the attempt is to take money from a particular segment of society, be it corporate or not, making it anything but uniform throughout the United States.