Nevermind that Congress is scheduled to adjourn for the year on Friday.
Nevermind that it already has a full plate processing President Bush’s newly proposed financial industry bailout and other bills that must pass before legislators skip town.
Cleveland Democratic Congressman Dennis Kucinich announced today that he’s introducing legislation to create a “United States Mutual Trust Fund” that he says would turn the Wall Street financial disaster into “an opportunity to create a genuine ownership society.”
Here’s how Kucinich explains his idea:
“Since the bailout will cost each and every American about $2,300, tomorrow I will offer legislation to create a United States Mutual Trust Fund, which will take control of $700 billion in stock assets, at market value and not higher, convert those assets to shares, and distrubte $2,300 worth of shares to new individual savings accounts in the name of each and every American.”
“Simply purchasing bad debt, ‘cash for trash’ and not recieving anything of value or giving $700 billion and not having a commensurate equity interest in Wall Street firms is unacceptable,” Kucinich said in a press release.
Kucinich spokesman Nathan White did not know how much it would cost taxpayers to implement such a program, and said Kucinich hasn’t yet got cosponsors for his bill. Kucinich arrived at the $2,300 figure by dividing the bailout’s $700 billion cost by the roughly 300 million U.S. population, his press release said.