Peterson Reluctantly Supports Emergency Economic Rescue Package

Press Release

U.S. Representative John E. Peterson, R-Pleasantville, issued the following statement after voting in the affirmative on legislation designed to stabilize our economy and assist the American financial system weather the storm of economic uncertainty:

"Having served in the United States Congress for six terms - 12 years - this was one of the toughest votes in my legislative career. My decision to cast a vote in favor of this economic rescue package was a decision that I wrestled with for days, and today reluctantly supported.

"The option to support or oppose this legislation in my eyes is the difference between possible success and diving further into a recession. While this legislation did not guarantee stabilization of the financial markets, it was the only solution on the table to address a looming crisis.

"Yes, the potential price tag was huge and public outrage is warranted. I share that outrage. But with the lack of capital in the market today and the inability for citizens to obtain home loans, auto loans, funding for a college education, and the devaluation of pension plans and retirement savings, something has to be done.

"Let me be clear, the legislation that was voted on today was not the Bush Administration proposal, rather, it was a bipartisan compromise that protected the taxpayer by eliminating excessive executive pay and so called golden parachutes, and was designed so that Wall Street, not Main Street, would be responsible for any potential loses.

"While this was an extremely difficult vote, and the measure was defeated on the House Floor today 205-228, I stand by my vote. This was not a perfect bill and while it was defeated today, I hope this provides an opportunity to reach consensus in the coming days."

Source