The Daily Star - In Voting No, Gillibrand Says Bailout Isn't 'Right Approach'
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The Daily Star - In Voting No, Gillibrand Says Bailout Isn't 'Right Approach'
Rep. Michael Arcuri, D-Utica, voted yes and Rep. Kirsten Gillibrand, D-Hudson, voted no to the $700 billion emergency bailout of the nation's financial system that was defeated in the House on Monday.
Gillibrand, whose district includes Delaware County, was one of 95 Democrats to vote against the bill.
The 228-205 vote to reject the bill showed that many representatives ignored urgent warnings from President Bush and congressional leaders of both parties that the economy could nose dive without it.
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Gillibrand says oversight insufficient'
While Gillibrand voted against the bailout, she also voted against adjournment, being in favor of keeping Congress at work to find an acceptable and effective, bipartisan solution. The House is adjourned until Thursday. After the vote on the proposed bailout, she issued a statement saying that the bill wasn't the ``right approach.
"The bill has insufficient oversight and protections and does not address the root causes of the crisis or the poor economy,'' she said. ``Moreover, I do not believe upstate New York taxpayers should pay for the excesses of Wall Street.
Gillibrand said firms need help to recapitalize without solely using taxpayer money. The federal government should work with firms to write down the values to restore confidence in the system and allow investors to begin buying and selling again, she said.
Firms also should be required to raise their capital standards, Gillibrand said, and if the federal government needs to intervene, then it should receive a fair equity stake in the company to protect the taxpayer.
``To calm fears, we should raise the FDIC insured limits,'' Gillibrand said. ``Furthermore, we need to put in place regulatory measures that will prevent this type of economic meltdown in the future, so that the middle class' savings will not be threatened again because of Wall Street mismanagement and greed.''
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