EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 -- (House of Representatives - October 03, 2008)
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Mr. CHABOT. Madam Speaker, I rise in opposition to the bill we are considering today.
This week marks a critical point in our Nation's history for a number of reasons, but none more important than redefining the appropriate role for government in our market system.
There is no doubt that we must stabilize our financial markets as quickly as possible. But, in my view, asking cash-strapped Americans to pay more than $700 billion to bail out an industry, some of whom were reckless, is just wrong and sets a dangerous precedent.
We need a targeted approach to respond to this crisis. One that provides those troubled institutions with the capital they need to start lending again. Yet, we also need standards in place to hold these institutions accountable to prevent this crisis from repeating itself in the future.
H.R. 1424 sets government on a new and dangerous course. Gone are the days of personal responsibility. Gone are the days where executives are held responsible for bad decisions. Gone are the days when the market determines success or failure. After today, taxpayers will be responsible for everyone's decision.
Equally disturbing, in my view, is the fact that this legislation makes no substantive reforms to prevent a repeat of what caused this financial meltdown in the first place. Last fall, the House passed, with my full support, H.R. 3915, the Mortgage Reform and Anti-Predatory Lending Act. This would have been an important step towards bringing more restraint and oversight to the lending industry. Unfortunately the Senate took no action so it never became law. Are those important reforms in this bill? No.
We have a duty to the hardworking families who act responsibly on a daily basis to be prudent with their tax dollars. I remain unconvinced that the bill we are considering today fulfills this obligation. That's why I'll be voting no.
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