Washington, DC (September 29, 2008) – Congressman Rubén Hinojosa (D-TX) today voted in favor of HR 3997, the Emergency Economic Stabilization Act.  Below is his statement on the vote:
 
 “No one wanted to be voting on this legislation today.  The greed and lack of regulatory oversight that got us into this situation should never have happened.  However, today we had to deal with the practical economic reality.  Inaction was not an option.  This bill was not about bailing out Wall Street.  It was about making sure that average Americans can continue to get credit for their basic needs like housing, student loans, and automobiles.  It was about saving pensions for our retirees and making sure that the small businesses that are the engines of growth in the 15th district can continue to get the credit they need to operate.

I opposed the bill originally presented by Secretary Paulson because it did not address the concerns of my constituents.  However, the changes that were made over the weekend were good ones that would protect the taxpayer, keep people in their homes and rein in the huge CEO salaries.  The revised bill ensured that the taxpayers would be made whole for the investment this bill would make in our financial system and it provided strong oversight over the authority being given to the Secretary.  Every American would be able to see what was being done with this money and what was being purchased with their tax dollars.

While the bill did not address the root cause of the problem, I will be working as a member of the Financial Services Committee to make sure this never happens again.  The committee will be holding hearings to find out what happened and what needs to be done to protect our economy.  But, I do believe it was necessary to stop the financial tailspin we are in as evidenced by the 777 point drop in the Dow today, the worst single one-day drop in history.”

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