Emergency Economic Stabilization Act of 2008

Floor Speech

EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 -- (House of Representatives - October 03, 2008)

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Mr. PENCE. Madam Speaker, our Nation is confronted by a serious financial crisis. The President and Congress were right to act with all deliberate speed, and I am confident every Member of this body is motivated by the best interests of this country.

It should be said that Republican leaders and my colleagues worked hard to improve this bill. They removed outrageous subsidies, and today the bank deposits of Americans are safer and the balance sheet of their local bank is more secure because of Republican leadership.

But even with these important improvements, this legislation remains the largest corporate bailout in American history. It forever changes the relationship between government and the financial sector and passes the cost along to the American people.

The sad part is, Madam Speaker, there are no easy answers, but there were alternatives. House Republicans offered an insurance program that would have required Wall Street, not Main Street, to pay for the cost of this recovery, and fast-acting tax relief to strengthen our economy from within.

Teddy Roosevelt said, ``An American must face life with resolute courage, win victory if he can and accept defeat if he must, without seeking to place on his fellow man a responsibility which is not theirs.''

With this bill, we place upon the American public a responsibility which is not theirs, bailing out financial institutions after they made irresponsible decisions. This we should not do.

I urge my colleagues to join me in opposing this legislation.

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