Wamp Opposes Bailout Plan

Press Release

The U.S. House of Representatives today voted on the Emergency Economic Stabilization Act of 2008. Congressman Zach Wamp released the following statement about his opposition to the bailout bill:

"While I am deeply concerned about the economy and the long-term viability of the nation's markets as they relate to protecting small business, honest taxpayers and those saving for retirement, a vote today against the proposed ‘bailout plan' is a vote for the people who did not issue or accept a sub-prime mortgage, for the people who demand more accountability than this bill provides and for the people who know that profit is a double-edged sword. When coupled with responsibility, profit is a healthy American virtue, but if people are driven to seek profit at any cost, it can wreck economies and ruin lives.

C.S. Lewis once wrote, ‘We all want progress, but if you're on the wrong road, progress means doing an about-turn and walking back to the right road.' I came to Congress as a limited government conservative with a big heart for the common man who pays his own way, respects the Constitution and expects our leaders to do the same. We simply cannot borrow our way out of debt, spend our way into prosperity or explain this bailout as anything short of an unacceptable intervention of the federal government into our private sector.

We must restore true confidence to the marketplace, which cannot be done by passing one bill through Congress. I am prepared to stay in Washington as long as it takes to help resolve this crisis by enacting sweeping reforms to the financial world that does not fall on the backs of the taxpayers and future generations."

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