U.S. Representative Stephanie Herseth Sandlin - South Dakota
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For Immediate Release Contact: Betsy Hart
October 03, 2008 (202) 226-8555

HERSETH SANDLIN STATEMENT ON FINANCIAL LEGISLATION

Washington, DC, October 3rd, 2008-U.S. Rep. Stephanie Herseth Sandlin released the below statement following her vote in opposition to the $700 billion financial bailout plan, which passed the House this afternoon:

“I’m fully aware of the seriousness of the financial problems in the credit markets and the related financial markets, and that if unchecked they could begin to affect South Dakota even more directly and deeply. I understand how concerned South Dakotans are when they see their retirement accounts diminish in value; when community banks see a tightening of credit that threatens their ability to lend to farmers, small business, or families wanting to buy a home. And even when the stock market rebounds, the volatility of the situation is unsettling for many. These are difficult and uncertain times, and there is an urgency in meeting this challenge.

“Ultimately, I believed it was more important to get it right than to simply pass something right away. I felt strongly we needed to move with a sense of urgency, but at the same time to take enough time to get it right so that all of the causes of the current situation are addressed. Otherwise, we could well find ourselves in the very near future - $700 billion later - in an even deeper economic hole, with fewer options, and with requests that we spend even more.

“Therefore, I could not support the solution proposed by the Administration and the House and Senate leadership. My initial concerns have only deepened over time.

“I am concerned about the rushed timeframe to examine a complicated problem and evaluate different approaches to intervention. I am deeply concerned about the vast amount of power concentrated in the hands of the Treasury Secretary, without effective oversight. He is a member of his own oversight board. Instead of real time or weekly reporting of the transactions to be administered under this plan, only monthly reporting is required – even though the Administration wanted Congress to act within three days of proposing its initial plan.

“I am deeply concerned over how a very effective measure for which I advocated was watered down, undermining our ability to require that entities receiving taxpayer funds ensure that taxpayers recoup the hundreds of billions of dollars that may be necessary to stabilize the financial system. The overall price tag for the bill – $700 billion – is a staggering sum, more than we’ve spent on the entire Iraq war so far. The bill should have done more to protect taxpayers and ensured the buying of preferred shares and other equity in the firms assisted by the plan.

“And I am deeply concerned over the long-term danger posed to the financial system by unregulated credit default swaps which have exploded to more than $45 trillion. In so many ways, this bailout package is a missed opportunity and only time will tell if we will come to regret missing that opportunity.

“Let me conclude by saying that I believe these votes on the bailout package are two of the most important votes I have cast during my time in Congress representing the people of South Dakota. I took these votes with the utmost seriousness, after listening to thousands of South Dakotans, from all walks of life, about the plan that the Senate and House have approved and about the short-term and long-term consequences of this action. I want to thank every single one of my constituents who contacted me or my office. I have listened carefully to you. Some of you will support my decision, others will be disappointed, but I have listened to all of you and have benefited from your advice, and have made the best decision on this legislation that I can on behalf of South Dakota and the nation.”

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Congresswoman Stephanie Herseth Sandlin serves South Dakota in the U.S. House of Representatives. She is a member of the Blue Dog Coalition, a group of moderate Democrats committed to fiscal discipline and strong national security, and is co-chair of the Rural Working Group, which is dedicated to raising the profile of issues important to rural America. She also serves on three committees vital to South Dakota’s interests: Agriculture, Veterans’ Affairs and Natural Resources. In the 110th Congress, Rep. Herseth Sandlin was one of only 15 members appointed to serve on the Select Committee on Energy Independence and Global Warming.

 

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