Hastings: Bush officials haven't been transparent with Congress

U.S. Rep. Doc Hastings criticized the Bush administration Tuesday, saying officials haven’t been open enough with Congress over the severity of the national financial crisis or the potential cost to taxpayers.

 “I know there’s been a lot of discussion for some time on this issue, but it hasn’t been very transparent with Congress,” Hastings, R-Pasco, said in a telephone interview from Washington, D.C.

“There is a sense in both the Senate and House that this is the prerogative of Congress. For them to come in here and say, ‘We have to act right away, take our word for it,’ that’s a concern.”

For Hastings, the most important piece of any proposed legislation involving a $700 billion rescue plan is the risk to taxpayers. “How much risk is there to the taxpayer, and what guarantee do we have that taxpayers won’t have to ultimately pay for the bill for mistakes other people made?” he asked.

Any legislation should also make sure credit will be available to farmers and small companies that need loans to stay in business. “Those are considerations that have to be addressed,” Hastings said.

Hastings, who flew back to Washington, D.C., Monday, said he watched some of Tuesday morning’s Senate hearing in which Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke took heat for not providing more details sooner to Congress.

He said he’s pleased the House will have its opportunity to question officials today.

Until he sees the proposed legislation, Hastings declined to say how he would vote, but he said most calls to his office from the 4th District are against a $700 billion rescue for private companies. He said he stands behind a statement he made in May when the mortgage crisis began to surface.

At the time, Hastings said he opposed a taxpayer-funded bailout because it “would send a signal to reckless lenders that when they willingly take on excessive risk, the federal government will step in an wipe the slate clean.”

On Tuesday, Hastings said he anticipates that the final proposed legislation will be “drastically changed” from the initial plan but doesn’t know exactly how yet.

He added that he’s spoken with several banks and financial institutions in the 4th Congressional District, which spans Central Washington, and has been reassured that they are on solid footing. “I think our institutions are in good shape,” he said.

• Leah Beth Ward can be reached at 577-7626 or lward@yakimaherald.com