Tags: rand | paul | geithner

Rand Paul Calls for No-Confidence Vote on Geithner

By Martin Gould   |   Wednesday, 07 Sep 2011 07:25 PM

Freshman senator Rand Paul called on the Upper House to pass a vote of no confidence in Treasury Secretary Timothy Geithner on Wednesday.

"I see no reason and no objective evidence that any of his policies are succeeding," Paul said on the Senate floor.

The Kentucky Republican said passage of the motion would show that the Senate does not believe Geithner “will institute polices that will reverse the downgrade in America’s debt and our current economic insolvency.”

But he said that Democrats who hold the majority in the Senate immediately blocked action on the no-confidence vote.

“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,” said Paul, the son of GOP presidential candidate Ron Paul.

He said that since President Barack Obama cannot be removed from office until January 2013, Congress should remove his advisers “who continue to pursue failed policies.

"They say the definition of insanity is doing the same thing over and over again and expecting different results," added Paul. "We have now been under three years of a policy that is not working."

The motion, he said, “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, Geithner had a direct role in the failure of the Fed to diagnose and act on the housing crisis,” said Paul.

“He presided over bank bailouts, auto bailouts and failed trillion-dollar stimulus plans,” the senator added.

Paul has long been a critic of Geithner. Last month he called for him to resign “for his gross mismanagement of federal economic policy and for his role in the first-ever downgrade of United States debt.”

At the time, he said, “Secretary Geithner assured everyone that raising the debt ceiling without a plan to balance the budget would not result in a downgrade to our debt.

“He was clearly wrong. Our debt has been downgraded for the first time in history, and now American taxpayers will have to suffer the consequences.”

He added, “We must get new leadership, and put in place people who have seen problems coming and offered credible solutions, rather than those who continue to misdiagnose and mismanage our economy.”

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