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Knollenberg Statement Against Wall Street Bailout
Washington,
Sep 29 -
Congressman Joe Knollenberg (MI-09) issued the following statement today
regarding his vote against the proposed bailout for Wall
Street:
“I
absolutely believe action must be taken to protect our economy and financial
markets from further turmoil.
Unfortunately the package we considered today was unnecessarily rushed
and lacks critical protections for Michigan's families. Michigan taxpayers should not have to foot
the bill for a rushed bailout.
“I still
have serious concerns about this package's cost to taxpayers and its protections
against abuse, particularly in the form of ‘golden parachutes’ for Wall Street
executives. This bill should include
greater restrictions on executive payouts and more incentives for private
lenders to bail out Wall Street. Some
improvements were made to the bill in negotiations over the weekend - but not
enough. The process was rushed, and I
cannot in good conscience support a flawed bill that puts too much risk on the
backs of families who are struggling under Michigan's six-year single-state
recession. Oakland County's families
shouldn't be forced to pay Wall Street bankers for their
failures.
“I support
quick action to stabilize our economy, but this plan is simply not the right
solution.”
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