Statement of U.S. Rep. Kendrick B. Meek Voting in Support of the Financial Rescue Package for a Second Time

WASHINGTON, DC – U.S. Rep. Kendrick B. Meek (D-FL) released the following statement after voting in support of the financial rescue package for a second time:

“My constituents didn’t cause this economic mess, but if our action to this crisis is inaction, they would disproportionally bear the brunt of this financial meltdown.  The credit market would severely tighten, preventing consumers with excellent credit scores from purchasing a new automobile, sending a son or daughter to college, or refinancing their mortgage to avoid foreclosure.  Pension funds would erode, putting senior citizens from our community in an impossible financial situation.  Layoffs would be felt throughout South Florida and inflation would erode buyers’ purchasing power.  The Department of Labor reported today that the American economy lost 159,000 jobs in September, bringing the total number of jobs lost in 2008 to 760,000.

“A Wall Street banker will never bear the brunt of this economic downturn like a small business owner, high school teacher or law enforcement officer struggling to get by in this economy.  To stabilize our economy and insulate Main Street from Wall Street, we must reinvest in the troubled markets, reimburse the taxpayer by requiring the plan to be repaid in full, and reform how business is done on Wall Street by enacting strict oversight measures and limiting excessive compensation for CEOs and Executives.

“Florida is ground zero for the housing foreclosure crisis, and this legislation provides property tax relief for up to 30 million homeowners nationwide and allows the government to now work more directly with loan service providers to make problem loans more affordable.

“I have significant reservations about this financial recovery legislation, as do many of my Democratic and Republican colleagues.  This is a vote that I did not cast lightly, but knowing that families, retirees and small business owners were suffering along Main Street, I was left with no option but to support the package.”

U.S. Rep. Kendrick B. Meek represents the 17^th Congressional District of Florida which includes parts of Miami-Dade and Broward Counties. He serves as the lone Floridian sitting on the House Committee on Ways and Means, and also sits on the House Armed Services Committee.

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