Madam Speaker,

Deciding how to vote on this issue has been among the most difficult votes I have cast in Congress.  The economic condition and well-being of every American will be affected.

I continue to be uncomfortable with the degree of government intrusion into our economy that this bill would authorize.  I also continue to be concerned about the economic consequences to all Americans if some sort of action is not taken.  It is balancing those two positions that make this vote an extremely difficult one.

The bill is better now than it was earlier.  The increase in the amount of deposits that can be insured by the FDIC will help bring significantly more capital into all banks – those that are troubled and those who have not made the risky loans that precipitated this crisis.  The SEC announcement “clarifying” the mark-to-market accounting rules could help unleash billions of dollars that were sidelined.  Both of these changes will help bring more private capital into the system so that the entire burden of stabilizing troubled institutions does not fall on the taxpayers.

If the asset purchase program is managed competently, the cost to the taxpayers should be far less than the $700 billion authorized, as both the Office of Management and Budget (OMB) and the Congressional Budget Office (CBO) have said.

The other major consideration for me is that if this bill does not pass, a far worse bill probably will.  I would like to write this bill differently and to have other options considered.  I have little doubt, however, that if this improved bill does not pass today, the next bill will veer to the left in an attempt to attract more Democratic votes and will result in more government intrusion and a higher cost to the taxpayers.

As I weigh my concerns about the level of government intervention with my concerns for the economic consequences of inaction or of a far worse bill, I have decided that it is in the best interests of the nation for this bill to pass so that hopefully the economic recovery can begin.

There is a crisis of confidence in our credit system, and there is a real danger that if it spreads, Americans all across the country will not be able to get car loans, home mortgages, or loans to operate their businesses.  There is even a danger that some may not be able to withdraw their money from various retirement accounts.  The result could be a severe recession, greater unemployment, and consequences that all Americans will feel.

It is likely that the U.S. will face more economic problems in the days ahead even with this bill.  We will never know what bigger problems might be averted.  But, in my view, the potential consequences of not acting outweigh the deep reservations I have about this proposal.

I understand that any measure will be somewhat unfair in that those who took the excessive risks and made unwise decisions will be protected from the full consequences of their decisions.  Unfortunately, some degree of unfairness is inevitable, but calculations of fairness must also consider what is best for the whole country.

Finally, a tax bill was added to this measure.  It would have been better to have kept the two bills separate.  I strongly support extending current tax law so that Americans will not face a tax increase, which would be a huge blow to economic growth.  However, I am not pleased with the numerous special interest tax provisions that are included and are exactly the kind of thing that understandably frustrates the American people about their government.

A former minister in my home church used to say that “Sometimes you have to put aside your principles and do what’s right.”  I believe at this extraordinary time passing this flawed bill is the right thing to do.