Goodlatte Statement Following House Vote On Financial Stabilization Package

Press Release

"The crisis in the financial markets is a serious and real one. However, the way we address this crisis is critical to the long term future of our economy. I believe the legislation offered today, the revised Paulson Plan, was not the solution to our financial problems. This legislation, which I voted against, represents the largest corporate bailout in American history. It takes $700 billion dollars of taxpayers' hard-earned money and hands it over to the very companies that made the bad decisions which led us into this mess in the first place. I have consulted with many economic experts, bankers, as well as small and large businesses, workers and citizens of the 6th District to come to this decision.

I believe that there are other ways to help stabilize the economy. For example, I would support legislation that addresses the problems of Wall Street while at the same time protecting those on Main Street. I am supportive of initiatives to require the Treasury Department to insure mortgage-backed securities, funding the measure through premiums provided by the industry, rather than on the backs of taxpayers. In addition, we must eliminate the government-imposed mark-to-market accounting regulations that artificially devalue assets in times of market instability such as this. These are just two examples of how this legislation could be improved.

Congress must stay in session until we reach an agreement which addresses the instability in our financial markets while protecting the American taxpayers. I remain committed to working with Members of Congress on both sides of the aisle to address our current financial crisis."

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