Congressman Phil Hare (D-IL) today released the following statement after voting for the Emergency Economic Stabilization Act. It was defeated 228-205.
"I regret that the House failed to pass this comprehensive rescue package. The financial crisis we face is bigger than a few failing banks or a stock market in disarray. Americans are losing their homes. Many are concerned about the future of their retirement savings. Some fear they won't have enough money to send their kids to college. I believe Congress has a responsibility to act in the best interest of these working families.
"Unlike the original Bush plan, which was nothing more than a $700 billion handout to Wall Street, this legislation had strict independent oversight provisions, revenue sharing for taxpayers, and limits on executive compensation.
"It was not a gift or a blank check. It provided the federal government the authority to loan money to certain financial institutions so they could resume lending to ordinary Americans. This would have allowed more families to afford their homes, cars and tuition payments and enabled our farmers to continue buying equipment, seed and fertilizer.
"Now it is imperative that we go back to the drawing board and craft new bipartisan legislation that protects Main Street from Wall Street. As we consider our next steps, I will continue to fight to enact stronger protections for homeowners facing foreclosure, something this bill lacked.
"We should also pass an economic stimulus package that creates jobs by investing in our crumbling infrastructure.
"But we must act. There is too much at stake to do nothing."