Press Release

English Comments on House Vote on Financial Rescue Package

Washington, D.C. — Today, the U.S. House of Representatives passed H.R. 1424, the Senate-passed Emergency Economic Stabilization Act of 2008, revised legislation to respond to the financial turmoil in the financial markets.  U.S. Rep. Phil English (R-Pa.), a member of the Joint Economic Committee, voted against the legislation and released the following statement:

“The challenges facing our financial markets are real and Congress should have engaged in a deliberative process to craft a measured response that put the taxpayer front and center.  Instead, the Congress considered a bill today which, nearly identical to its previous version, contained the same flawed framework to which I strongly objected on Monday.

“Despite the addition of an increase in deposit insurance for accounts in banks and credit unions, the bill before the House today retained the unacceptable loopholes which allow foreign banks to participate in a taxpayer-funded asset purchase program and left open the escape hatch of golden parachutes for executives on Wall Street that stuck the taxpayers with the tab in the first place.

“At its core, the bill before the House was a poor remedy to a very real problem.  A number of alternatives as well as a host of additional safeguards were delivered to the bipartisan House leadership responsible for negotiating the contents of the bill, including through an effort I joined other House lawmakers in pushing.  Those suggestions to improve the bill, however, were flatly rejected.

“My assessment of the bill on Monday remains my assessment today: that this bill fails to meet the minimum thresholds of including real consequences for bad actors, strong taxpayer protections and accountability and transparency of any tax dollars used.  The House leadership has adopted an iron-clad rigidity which prevents real alternatives to this flawed plan.  Despite the fact their rigidity has made this bill the sole option, I remain resolved that the bill’s flaws and unchecked risk to the taxpayer dictate opposition to the bill.”

H.R. 1424 passed the House floor by a vote of 263 to 171 and has been sent to the president’s desk to be signed into law.

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