WHY doesn’t the goose get what the gander does? That’s the question when considering the federal government’s bailout of Wall Street to the tune of $1 trillion.

Residents in the District know something about what a rescue plan should include. Back in the mid-1990s, the city teetered on bankruptcy, with a debt nearing $1 billion--that didn’t include a multimillion unfunded pension liability passed by the federal government to the District when it became a quasi-independent municipality. Then, a Democrat—Bill Clinton—was in the White House. Congress was under Republican control. Interestingly, Franklin Raines was the head of the Office of Budget and Management.

For those who don’t know or can’t remember: The White House joined with Congress to assist the District. But before help would arrive, the city had to agree to forgo the federal payment of millions of dollars made to the District in lieu of taxes. Additionally, a financial control board, for all intents and purposes, took over the management of the city. And an independent chief financial officer was thrust on the District to handle all fiscal matters; the CFO put finance officials beholding to him in all city agencies.

The District was required to produce consistently balanced budgets for five years or more before the control board would be removed. (It’s important to note the congressionally created panel never fully disappeared it simply went dormant, hanging over the heads of elected officials threatening to pounce down the moment the city failed to produce a balance budget.) The District also was forced to create a cash reserve, depositing a required amount each year.

Those seemed appropriate requirements for a municipality that had lost its way, spending money it didn’t have while jeopardizing small businesses because they weren’t being paid money the District owed them. Property values were in serious decline because the city’s image had been tarnished and the government so mismanaged no one wanted to move into the District and/or develop businesses, including upscale retail outlets. The public schools were severely damaged. In short the place was mess comparable, albeit of a much smaller size, to what has been witnessed on Wall Street.

So when big corporations like Fannie Mae--whose troubles began when Raines was its CEO--and investment firms like Bear Stearns receive public dollars, District residents want to see preconditions similar to those forced on their elected officials and managers.

There is nothing wrong with demanding a cap on the salaries of CEOs at investment firms and banks that want taxpayers’ money to lift them out of the ruin the policies and practices of those companies created.

It seems reasonable to demand an oversight body like the financial control board with the power to veto actions proposed by Treasury Secretary Hank Paulson or his successor.

And if taxpayers are footing the bill, why can’t those same taxpayers receive some benefits for their efforts?

When the District began to rise after its meltdown, taxpayers were the beneficiaries of long-awaited tax cuts. The federal government could do the same.

The model for federal intervention and rescue of Wall Street already exists. It’s time for Congress to take action—reasonable and responsible action

jonetta rose barras