Wisconsin's 1st District Congressman Paul Ryan expressed deep disappointment today on Congress' failure to address our current financial crisis. Ryan fought on behalf of the taxpayer this past week in securing considerable protections for the taxpayer, while strengthening economic security for the American worker. Despite the urgency of our financial crisis, H.R 3997, the Emergency Economic Stabilization Act of 2008, failed on the House floor by a vote of 205 - 228.
Following his vote in favor of H.R. 3997, Ryan issued the following statement:
"It is with deep disappointment and a heavy heart to have witnessed Congress' failure to address the grave financial challenges we face as a nation. I could not and did not accept last week's proposal by the Bush Administration - an Administration that totally mishandled this situation. But instead of pointing fingers and standing idly by - as would have been the politically expedient thing to do - I worked to secure concrete protections for the taxpayer.
"Today's vote was about stopping the Wall Street crisis from creating a banking crisis in our communities. The Bush Administration's proposal was unacceptable, and the American people demanded an alternative solution be brought to the table. I joined my colleagues in putting forth an alternative economic rescue proposal and secured these taxpayer-protections in the final bipartisan agreement. I fought to make sure that once these troubled institutions start making profits, the taxpayers benefit first and foremost. I fought to make sure Wall Street executives don't profit personally as a result of their irresponsible decisions. I wrote the provision that ensures that Wall Street shares in the cost of their own recovery.
"I supported this bill in order to stabilize our economy and to preserve American jobs. It is about Main Street - that Wall Street's crisis doesn't become Main Street's crisis. It is about protecting working families' access to credit - so students can secure college loans, farmers can buy feed, seniors can secure their retirement, and businesses can pay their employees.
"In light of Congress' failure to act and the horrendous failures of the Bush Administration, we will have to roll up our sleeves and go back to the drawing board to enact a meaningful solution to our financial crisis."