Washington, DC – Rep. Tom Price (GA-06-R) issued the following statement regarding the current status of the economy and the Emergency Economic Stabilization Act of 2008, voted on in Congress this week.

“These are trying and challenging times for our nation,” said Rep. Price. “Over the last few days, weeks, and months, we have seen savings plans devalued, credit become increasingly elusive, and confidence in our economy deteriorate. The market is extremely volatile, and an air of uncertainty has swept over the nation.

“It is clear – something must be done. It is also important that our solution be the right one, not the expedient one. We must ensure that fundamental American principles that have allowed our country to prosper are embodied in an end solution. It must include taxpayer protections to ensure our citizens are not indebted by multi-billion dollar commitments. It must include private participation and market alternatives so those who caused this problem will be a part of the solution. And finally, it must include a viable exit strategy so we do not burden future generations with a massive and lasting bureaucracy.

“Regarding the bill that passed the House today, will it punish those responsible for getting us in this mess? No. Will it punish those who did the right thing? Yes. Will there be reforms that will prevent our nation from getting in this situation once again? No. Are more appropriate, less costly alternatives being attempted first? No.

“Wall Street and Main Street are inextricably connected in our nation. Washington’s failure to hold to account one and harmfully intrude into the other fundamentally alters the nature and dreams of all Americans. My faith and confidence rests firmly with the ingenuity and resourcefulness of the American people. My passion and enthusiasm for liberty drive me to continue my commitment to work with all who embrace solutions that will preserve the principles of free enterprise and freedom for generations to come.”