United Methodist Board of Church and Society Calls for Financial Crisis Legislation That Embraces Whole Society

The United Methodist General Board of Church & Society (GBCS) has called on the U.S. Congress and the Bush Administration to “devise legislation that embraces our whole society” as it copes with the current financial crisis. The agency issued its statement after the U.S. House of Representatives failed to pass a $780 billion bailout devised by the administration and Congressional leaders.

General Board of Church and Society

Jim Winkler, top executive of the agency, and I prepared the statement that declares “the financial bubble has burst.” The statement says corporate greed must be replaced by the biblical mandate of stewardship.

GBCS contends that the financial crisis provides the opportunity “to repeal tax cuts that have hugely benefited the wealthy during recent years.” The statement addresses several aspects of the U.S. financial system that should be addressed in any remediation of the situation. These include inequitable tax codes, single-payer health care, predatory mortgage and credit card lending, and the global economy.

The GBCS statement quotes from the United Methodist Social Principles (¶163 IV. The Economic Community) that says all economic systems “should be under the judgment of God … and recognizes the responsibility of governments to develop and implement sound fiscal and monetary policies that provide for the economic life of individuals and corporate entities, and that ensure full employment and adequate incomes.”

The statement concludes with a call to prayer that U.S. officials will act with wisdom in this crisis. It also urges contacting your members of Congress to insist they devise a just and equitable response to the financial crisis.

The GBCS statement on the fin ancial crisis follows:
Statement on Financial Crisis

This week, the U.S. House of Representatives rejected the $700 billion bailout devised by the Bush Administration and Congressional leaders. By 228-205, a majority comprising both Democrats and Republicans responded to the enormous outcry from the American people opposing any plan that does not hold Wall Street barons accountable for the financial morass they helped create.

The rich have grown richer and the poor poorer. There is little appetite among the people to rescue the rich from their excesses.

We ask that God provide guidance to those working diligently to find a legislative remedy for the financial crisis. A sound banking and financial system is essential to the global economy so that all God’s children might live a full and productive life free from poverty and misery.

The prophetic voices of the Bible repeatedly warn against a society that favors the rich over the widows, aliens, orphans and the poor.

Our denomination, The United Methodist Church, declares in its Social Principles that all economic systems are “to be under the judgment of God … and recognizes the responsibility of governments to develop and implement sound fiscal and monetary policies that provide for the economic life of individuals and corporate entities, and that ensure full employment and adequate incomes” (¶ 163 IV. The Economic Community, The United Methodist Discipline).

The United M ethodist Church supports measures that would reduce the concentration of wealth in the hands of a few. A just response to the financial crisis must include limiting the compensation of failed corporate executives.

The United Methodist Church supports efforts to revise tax structures and eliminate governmental support programs that now benefit the wealthy at the expense of other persons. This crisis provides the opportunity to repeal tax cuts that have hugely benefited the wealthy during recent years. Bankruptcy law reform, caps on credit card interest rates, and aid to homeowners is desperately needed.

The United Methodist Church supports a single-payer health-care program. Because the number one cause of personal bankruptcy is due to health-care expenses, its reform is an urgent priority. People are using their financial resources to pay for health care due to lack of coverage and are therefore unable to pay mortgages on their homes.

Regulation of Wall Street is needed to restrict and regulate credit default swaps and to ban predatory mortgage and credit card lending.

The financial bubble has burst. Corporate greed must be replaced by the biblical mandate of stewardship. All we have is ours “on loan” from God to be used for good in this world. John Wesley’s mandate to “do no harm” is violated when we prey on the vulnerable.

The Administration and Congress must devise legislation that embraces our whole society. Let’s pray our elected officials act with wisdom in this crisis. Please contact your Members of Congress to insist they devise a just and equitable response to the financial crisis.