Rep. Miller Votes No On Bailout Bill

Press Release

Rep. Miller Votes No On Bailout Bill

Congresswoman Candice Miller, MI-10, released the following statement on the bailout:

"Throughout the past two weeks I have spoken to business leaders, economists, congressional leaders, my colleagues and, most importantly, my constituents to try and find the correct path forward for our nation's economy. In that time I have been advocating for federal accounting rule changes by the Security and Exchange Commission to suspend or eliminate mark to market accounting rules which are causing severe undervaluing of troubled assets which are weakening banks and other institutions. Fortunately the SEC has taken steps in the right direction on this matter. I have advocated increasing deposit insurance so that depositors have greater confidence in our banking system and I am glad that this increase was included in the legislation.

But I still do not believe that it is prudent for the government to put at risk $700 billion of taxpayer's money on a plan whose outcome is uncertain. It is also unfortunate that the Senate attached so much unrelated or pork barrel style spending to this important legislation. It is my contention that this plan was rushed forward without proper hearings, study and public input and has been sold mainly on fear. And the addition of this unrelated spending seems designed simply to win votes. I do not believe that this type of tactic leads in most cases to good outcomes. So I voted no.

But, now that this legislation has been passed by both Houses of Congress and will become law, it is incumbent upon every person in a responsible position in government to ensure that it is successful. I will work vigorously to ensure that proper oversight is conducted in order to protect the taxpayer's money and to ensure that this type of calamity never happens again."

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