This speech was given in Scranton, Pennsylvania. Read the full transcript.
Thank you for the honor of appearing with you here today. The Irish-American Presidential Forum has been held since 1984, and since its inception there has been a lack of Republicans. And while my affection for Democrats and independents is deep and wide, I am proud to be the first Republican to appear before the Forum.
You are very kind to invite someone with a name like McCain, a Scots-Irish descendent whose family came to the New World some generations ago. I hope you won't hold it against us - I do try to get back to the island as often as possible.
I'd like to talk about some issues that are of particular concern to Irish-Americans, but before I do, I'd like to take a couple minutes to talk about an issue that is concerning to us all, and that is the economic crisis that we have all been following since last week.
On Friday, I laid out my plan for addressing this crisis. At its heart, my plan is about keeping people in their homes and safeguarding the life savings of all Americans by protecting our financial system and capital markets. These are my priorities.
Senator Obama has declined to put forth a plan of his own. At a time of crisis, when leadership is needed, Senator Obama has simply not provided it.
And the truth is that we don't have time to wait for Senator Obama's input for our nation to act. I think it is clear that Congress must act and must act quickly. I laid out my plan and my priorities last Friday. I spoke to Secretary Paulson over the weekend, and I've been looking at the plan the administration has put forth. I urge Congress to study this proposal carefully as they consider the remedy for this crisis.
As for me, I am greatly concerned that the plan gives a single individual the unprecedented power to spend $1 trillion - trillion - dollars without any meaningful accountability. Never before in the history of our nation has so much power and money been concentrated in the hands of one person. This arrangement makes me deeply uncomfortable. When we are talking about a trillion dollars of taxpayer money "trust me" just isn't good enough.
We will not solve a problem caused by poor oversight with a plan that has no oversight. Part of the reason we are facing this crisis is an antiquated regulatory system of uncoordinated agencies that haven't been doing the job.
I believe we need a high level oversight board to impose accountability and establish concrete criteria for who gets help and who does not. They must ensure that throughout this crisis, the government is a careful steward of the taxpayer's dollars. The oversight board should be bipartisan and have qualified citizens who have no agenda but the protection of taxpayers and the financial markets. People like: Warren Buffet, who supports my opponent, Governor Romney, who supports me, or Mayor Bloomberg, an independent.
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