Why I Voted for the Economic Recovery Bill

Press Release

Friend—

Like you, I am extremely concerned about the daunting economic crisis our country is facing. Without decisive action, most experts believe credit markets will freeze. The result will be that families won't be able to take out basic home and car loans, small businesses won't be able to make their payrolls, parents will struggle to send their children to college, and credit card interest rates will soar. Unfortunately, by just 13 votes, the House of Representatives today failed to pass legislation to help prevent the worst case financial disaster.

One of my top priorities in Congress has always been to protect taxpayers, and this situation is no different. Simply put, you shouldn't be left holding the bag for Wall Street's failings. That is why I proposed adding a provision to the bill to require financial firms to repay us if we fail to earn a profit from the assets we purchase through the program. The decision to add this provision was one of the reasons I was able to support this imperfect bill.

Over the last few days, Congress took an unacceptable proposal to bailout Wall Street and molded it into a proposal that would have made the best of a bad situation. Leaders from both parties worked together in an historic fashion to craft bipartisan compromise legislation. It's unfortunate that it didn't gain enough support for passage.

The good news is that this isn't over yet. We will continue to work together, and I am optimistic that we will be able to resolve our differences when Congress reconvenes later this week.

Even when a bill is enacted, our economy will remain in a very fragile state for some time to come. The conditions created by excessive debt on both the federal and personal level, our rising trade deficit, and the rising costs of energy all suggest we could still see a recession in the coming months. Certainly, these are challenging economic times. However, I believe this bill, while less than ideal, remains an important first step to solving the economic problems facing our country.

It's an honor to represent and serve you in Congress. If you ever need anything, or just want to let me know about an issue that concerns you, please feel free to contact my office.

Sincerely,

Brian Baird
Member of Congress

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