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Roskam Opposes $700 Billion Bailout of Wall Street

Location: Washington, DC

Roskam Opposes $700 Billion Bailout of Wall Street

Congressman Peter J. Roskam (R-IL) today released the following statement after the passage of H.R. 1424, the Emergency Economic Stabilization Act of 2008:

"Our nation is at a pivotal point in history. This crisis in our financial system has sent a ripple through our entire economy. Decisive and urgent action had to be taken to inject not only capital, but confidence in our economy.

"However, a $700 billion taxpayer-funded bailout of those making bad decisions on Wall Street is a disservice to the families and business of my district that make prudent financial decisions everyday.

"Just last week a Treasury spokeswomen candidly stated that the $700 billion price tag was ‘not based on any particular data point,' and said that the Bush Administration ‘just wanted to choose a really large number.'

"While immediate action is necessary, a greater level of thought needs to be put into the largest expansion of taxpayer funds in history.

"The bill before the House today is an improvement, however it did not adequately address mark-to-market accounting and fell short of finding solutions which would have reduced the massive burden on the taxpayer.

"In the end, this bill amounts to the largest corporate bailout in American history, passing the failures of Wall Street to Main Street and I could not support it."

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