House Republicans have relaunched their ambitious effort to amend the U.S. Constitution this year with language that would prohibit the federal government from owning stock in any company.
The effort is a direct reaction to the Bush and Obama administrations’ bailouts of auto and financial companies, which saw Treasury take significant stakes in General Motors, Chrysler and major Wall Street institutions.
Under a resolution proposed Monday night, those bailouts could not have happened, at least the way they were structured.
Rep. Michael Turner (R-Ohio) and key Republican leaders introduced H.J.Res. 22. The resolution would add an amendment to the Constitution that states: “The United States shall not own, subscribe to, or otherwise have any interest in the stock or equity of any company, association or corporation: Provided, That the foregoing prohibition shall not apply to any investments through any pension funds.”