ROSKAM OPPOSES WALL STREET BAILOUT
Congressman Peter J. Roskam (R-IL) today released the following statement after the H.R. 3997, the Emergency Economic Stabilization Act of 2008 failed to pass in the U.S. House of Representatives:
"Today the House of Representatives stood on the side of the American taxpayer, opposing a massive bail out of Wall Street and the executives who got us here in the first place.
"While action is necessary to keep our economy on track, the heavy-handed push from the Bush Administration and this Democrat majority places too great a burden on taxpayers with no guarantee of success. The plan voted on in the House incorporated watered down aspects of executive compensation limits and provided for insufficient use of private capital.
"Unfortunately, negotiations were unable to produce a solution to keep our economy on track without exposing taxpayers to extraordinary risk - this is why the bill failed.
"We will see our way through to the other side of this crisis. Ultimately, we need a regulatory overhaulnot more regulation, but more effective regulation. Our new millennium financial system is regulated by a New Deal regulatory structure.
"I am reassured of the American spirit of free enterprise. However, it is incumbent upon Congressional leaders to return to the negotiation table to advance a bipartisan agenda to ensure taxpayers are never again asked to shoulder such a burden. These are trying times with enormous challenges, but challenges we can meet."