On the Economic Rescue Plan

Op-Ed

ON THE ECONOMIC RESCUE PLAN

Friends, I cast my vote against the Senate's revised financial rescue bill that was brought before the House today.

Earlier in the week I voted against the Emergency Economic Stabilization Act because it fell short of embodying the elements of an economic recovery package that we need for taxpayers, workers, small businesses, and homeowners. The changes made to the bill in the Senate do nothing to alter the fundamental problems I found in the original version.

I have the highest respect for the hard work that was put into this effort by Speaker Nancy Pelosi, Financial Services Committee Chairman Barney Frank, and others. They performed some heavy lifting to improve upon a $700 billion Bush/Paulson bailout proposal that was short on details and empty of protections for weary taxpayers and suffering homeowners.

History will document the unconscionable excesses of Wall Street which led us all down this path of crisis. But right now is not the time to look back at the mess or dwell on the vote. It's time to roll up our sleeves, monitor the rescue plan's implementation and move forward with initiatives to put America and its financial sector back to work.

I was pleased to hear so much impassioned and well considered input from my constituents over the past couple of weeks - from folks on both sides of the issue - and I hope you will continue to let me know what you think here in the comments section and at my upcoming Coffee With Your Congressman town hall meetings. Thank you.

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