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Representative Cubin's Statement on the House failure of H.R. 3997, the Emergency Economic Stabilization Act

Press Release

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Date:
Location: Washington, DC


After voting today in favor of H.R. 3997, the Emergency Economic Stabilization Act, in the U.S. House, Representative Barbara Cubin (R-WY) issued the following statement:

"Today Members of Congress were faced with one of the most difficult votes they will ever have to cast -- one that, in my opinion, held in balance the health of family assets, retirement savings, and the fate of small and large business alike. Without passage of legislation by Congress we could face a serious financial crisis, one that will affect everyday people in their ability to get credit, in their 401(k) retirement plans, and in their overall fiscal well being. I could not in good conscience vote against this bill and allow Congress to continue to do nothing.

This was not a vote on republican or democrat principles, this was a vote on supporting the American financial system and reassuring the world that our system is on track to return to sound footing. The failure of this economic stabilization plan has put our country into shock - while the vote was held open for a final tally, our stock market reacted in huge swings. The important thing now is for our system not to panic - we must all come together in protecting our mutual interest in our economy.

It is now important for Congress to find another solution -- one that is not rushed through the process in less than a week. We cannot go home without ensuring our constituents are protected from market failures. I did not agree with all the provisions in the final version of this legislation; however, I felt it was vital for our country to put our best foot forward.

I look forward to working with my colleagues in the House and the Senate, as well as with the Administration, to find an acceptable solution that can pass both Chambers of Congress and that protects our taxpayers to the greatest extent possible."


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