Washington, D.C. – The House of Representatives today approved a $700 billion economic bailout plan.  The final vote was 263 to 171.  Congressman Doc Hastings voted against the bill.    

“The bailout provisions I voted against on Monday didn’t change, so my vote against it didn’t change.

I reserved judgment on the bailout until last Sunday night when the final package was done and the actual text was made public.  After reading the bill late that night, I concluded that it was not a plan I could support.  It lacked hard and fast protections to ensure taxpayers don’t foot the $700 billion bill, when options for having Wall Street pay were available.  It also granted far broader powers over the markets to the Treasury Secretary than had first been discussed and that many are not aware of even today.  And I am deeply concerned that this action sends a message to Wall Street and others that if they make poor decisions or take risky gambles that fail, that the taxpayers will be there to foot the bill and bail them out.

I recognize the economic difficulties that businesses and institutions are facing, and like Americans across our country, I’m mad as hell that the reckless actions of Wall Street created this situation.  I believe Congress does need to respond and to act to ensure that credit doesn’t freeze-up so commerce can continue to flow.  Yet, in the stampede to pass a bill, there’s never been consideration of, or a willingness to consider, any other options or approaches other than giving $700 billion from the taxpayers to the Treasury Secretary to purchase whatever bad debt he deems necessary.  I believe this rush to act has made addressing the economic problem at hand more difficult.

Lastly, my vote today was squarely on the bailout provisions and not the Senate’s tax relief additions.  If the House were to allow a straight-up vote on the Senate’s tax relief extenders bill, I’m certain it would pass and it would have my support.  The House could have held such a vote last week, they could hold it today, or even tomorrow.  It isn’t relevant to the bailout bill and its fate shouldn’t be tied to the bailout bill.”