Congressman Michael R. Turner has introduced H. J. Res 57, the “Preserving Capitalism in America” amendment in the U.S. House of Representatives. The constitutional amendment, which has 102 cosponsors, would prohibit the United States government from owning any stock in corporations.
Congressman Michael R. Turner has introduced H. J. Res 57, the “Preserving Capitalism in America” amendment in the U.S. House of Representatives. The constitutional amendment, which has 102 cosponsors, would prohibit the United States government from owning any stock in corporations.
“A growing number of Americans are concerned about the future of capitalism in this country,” Rep. Turner said. “The current economic recession has opened the door to government intervention in private enterprise on a scale that many have never seen.”
“Eight months after the passage of Troubled Asset Relief Program funding, the federal government continues to reach beyond the original intent of lawmakers, including taking ownership of one of America’s largest auto manufacturers, General Motors,” Turner said.
“A majority of Americans oppose the government take-over of the auto manufacturers and want the government out as soon as possible,” Rep. Turner added. “Just as troubling as the government’s rapid control over private industry, is its failure to present an exit strategy.”
“With no apparent limit on the government’s ability to expand its ownership of business, the only solution is a constitutional amendment,” Rep. Turner said. “I have, therefore, introduced the ‘Preserving Capitalism in America Amendment’ to prohibit federal government acquisition of any stock or equity interests in private corporations.”
Eight states currently have constitutional prohibitions against government investment in private corporations. Those states are Arkansas, Colorado, Montana, Nebraska, Oregon, Utah, Washington, and West Virginia.
“A constitutional amendment would provide a guarantee that the government could not gain control of private enterprise and place our capitalist system at risk,” Rep. Turner added.
Congressman Turner’s Preserving Capitalism in America constitutional amendment would preserve the government’s right to provide loans or to acquire equity interests in any public authority or public use corporation as well as investments by any government pension fund.