Congressman Bilbray Votes to Oppose Taxpayer-Funded

Wall Street Bailout Proposal

Calls on Speaker Pelosi to Keep Congress in Session to Work on Responsible Proposal

(Washington D.C.)- Rep. Brian Bilbray today voted against a proposal that authorized up to $700 billion to bailout Wall Street while doing nothing to address the systemic problems that created the current financial crisis and offering nothing but a promise and a congressional report to ensure that this is just a one-time deal.  The $700 billion proposal was rejected by the House of Representatives 228-205.

“It is not the responsibility of the American taxpayers to foot a $700 billion bill for the irresponsible actions of Wall Street and borrowers,” Rep. Bilbray said.  “I am not opposed to appropriate government intervention, but socializing the capital market is wrong.  This proposal is being pushed on the American people with little certainty that it will even work, yet future generations will be burdened with potentially billions of dollars of debt.  Speaker Pelosi should keep the Congress in session for as many days as it takes to address and reform the policies that helped create this crisis.”

“It is astounding that the proposal brought forward today does absolutely nothing to address the systemic problems that caused this meltdown,” Rep. Bilbray added.  “This bill actually gives the very people who made the bad loans in the first place more money so they can go and make more questionable loans.  The Congress should focus on doing what’s right and not what’s fast.”

“We should seriously examine the plan utilized in the 1980’s, when a similar credit crunch was swirling across the nation,” Rep. Bilbray added.  “At that time, using existing FDIC rules and regulations, regulators were able to stabilize institutions and unfreeze the capital markets at little cost to the taxpayer. That model worked once, not even considering it this time around is frankly irresponsible.”

NOTE:  Since March, the United States government has approved $29 billion to rescue Bear Stearns, $300 billion for a housing “rescue” bill, $200 billion to rescue Fannie Mae and Freddie Mac and another $85 billion to save AIG from bankruptcy.  

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