Bachmann, Kline, Paulsen

The Democratic Congressional Campaign Committee went after Reps. Michele Bachmann, John Kline and Erik Paulsen on Wednesday for their votes last year against taxing bonuses of bank executives who received TARP funds from the federal government. The DCCC jumped on news today that AIG leaders will be getting $100 million in bonuses this year.

The bill the Republican trio opposed would have taxed TARP employee bonuses at 90 percent. While the bill passed the House last spring, it has yet to become law.

The DCCC released three statements today that were identical, except for specific references to Bachmann, Kline and Paulsen.

“This morning, Americans heard that AIG executives are getting $100 million in bonuses despite still owing taxpayers more than $100 billion,” said Ryan Rudominer, National Press Secretary of the DCCC. “While Representative Paulsen protects these outrageous Wall Street bonuses paid for by President Bush’s bailout, Paulsen does nothing to help hardworking families. Clearly, Representative Paulsen is more concerned about Wall Street, than Main Street.”

Rep. Michele Bachmann explained her opposition to the bill last year:

“Folks, two wrongs don’t make a right. Without the wrong-headed $700-billion bailout, the taxpayers would never have been put in the position of their dollars being doled out for executive bonuses in the first place… The bill on the House floor today, while not mentioning AIG by name, is clearly meant to punish a specific group of individuals in response to public outrage over the bonuses. The author of the bill, Rep. Rangel, explains his motivation for the bill by saying that he “had an obligation to respond to the fears and anger of the people.” Given this motivation, a legislative action aimed at punishing individuals, no matter how loathed or despised they may be, is explicitly prohibited by the Constitution in Article I, Section 9, Clause 3.”

Frank recently introduced a bill to “use amounts made available under the Troubled Assets Relief Program of the Secretary of the Treasury for relief for homeowners and neighborhoods.” Described as a neighborhood stabilization program, the funds would go to help depressed communities hit hard by the foreclosure crisis.

But Bachmann sees an evil scheme to give money to ACORN.

“Now Barney Frank thinks that [TARP funds] should go out to his friends in ACORN,” she told Sean Hannity. “He is serious about this, about funneling this little bit of money back out to ACORN.”

That little bit of money? “This would be an additional $1.5 billion for ACORN,” she said. “And don’t forget, in over 12 states so far this year ACORN has been indicted for voter fraud.”

The bill itself never mentions ACORN. In fact, it specifically spells out who gets the money [emphasis added]:

the Secretary of the Treasury shall transfer $1,500,000,000 to the Secretary of Housing and Urban Development and such Secretary shall use such amounts for assistance to States and units of general local government for the redevelopment of abandoned and foreclosed homes

Bachmann’s claim that ACORN is “under indictment” in 12 states in 2009 for “voter fraud” is also grossly inaccurate. Former ACORN employees have been brought under indictment this year in several states including Pennsylvania and Missouri, but so far this year only Nevada has indicted the actual organization.

And ACORN has not been accused of voter fraud. They are accused of voter registration fraud. Nevada Secretary of State Ross Miller told the New York Times, “This is not a case of voter fraud, it’s a case of voter registration fraud. I’m very confident that none of these fraudulent voter forms found their way into the voter registration rolls or to cast votes.”

The full interview:

Bachmann: “What provision in the Constitution could you point to to give authority for the actions that have been taken by the Treasury since March of ’08?”

Geithner: “Well, the Congress legislated in the Emergency Economic Stabilization Act a range of very important new authorities.”

Bachmann: “What in the Constitution could you point to to give authority to the Treasury’s extraordinary actions that have been taken?”

Geithner: “Every action that the Treasury and the Fed and the FDIC has been using authority granted by this body, the Congress.”

Bachmann: “In the Constitution, what could you point to?”

Geithner: “Under the laws of the land, of course.”

Geithner and Fed Chairman Bernanke’s answers were simple: The Constitution in Article I, Section I grants Congress the right to legislate, and the TARP funds were legislated to give authority to the Treasury.

Bachmann also asked if the United States was giving up the dollar. “I’m wondering would you categorically renounce the United States moving away from the dollar and going to a global currency as suggested this morning by China and also by Russia, Mr. Secretary?”

Geithner and Bernanke: Of course.