Doolittle Opposes Bailout

Press Release

Today U.S. Representative John T. Doolittle (R-Roseville) voted against H.R. 3997, the "Emergency Economic Stabilization Act of 2008," and issued the following statement:

"I believe the federal government must act to address the financial crisis. However, I opposed this bailout today because I was never convinced that simply spending $700 billion would solve the underlying problem. In my judgment, the normal legislative process should have been employed to draft and examine this legislation. While the Treasury Department proposed a plan, there were other approaches that merit consideration. Today's market activity and House floor action are the results of this flawed process.

"I have co-sponsored two alternatives which will provide the tools to secure our economy while minimizing the risk for taxpayers. One proposal would inject private capital into the market by encouraging investment through changes in the tax code and would also reform the failed government institutions, Fannie Mae and Freddie Mac, largely responsible for our current financial instability. The other proposal would protect all creditors in banks during the period of instability and would allow the FDIC to work with banks to place meaningful values on their assets and capabilities.

"These alternatives, at the very least, should be considered during this crisis. I remain hopeful that the Congress will act quickly and responsibly to propose a needed solution."

U.S. Rep. John T. Doolittle has served in the House of Representatives since 1991. The 4th Congressional District stretches from the eastern Sacramento Region to Lake Tahoe on the south and runs up the Sierra Nevada range to the high desert of Modoc County on the Oregon border in the north. It encompasses the entire counties of El Dorado, Lassen, Modoc, Nevada, Placer, Plumas, and Sierra. Additionally, it includes the community of Orangevale in Sacramento County and the Oroville area in Butte County.

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