Statement from Congressman Doc Hastings on $700 Billion Bailout

Press Release

The House of Representatives today voted on a $700 billion economic bailout plan. The final vote was 205 to 228. Congressman Doc Hastings voted against the bill.

"I judged this bill on two primary grounds: what could the cost be to the taxpayers and is it good policy for the federal government to seize the financial markets in this way.

The final bill provides more taxpayer protections than the first proposal, yet it still potentially leaves taxpayers holding the $700 billion bag for the reckless actions of Wall Street and that is something I cannot support.

And on the question of increased government intervention in the marketplace, I am just plain opposed to such a massive intrusion into the economy and the marketplace.

As to the crisis about which we are warned, I hope it can be abated, though I do believe additional steps can be taken to allow for the infusion of new capital, instead of focusing solely on preventing a freeze of existing capital. I also believe an insurance-centered approach would allow for relief in a way that places the responsibility for paying on Wall Street and those being bailed out."

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