Congress Can Still Act Today on Bailout
Shadegg: “Since last Friday, when this issue surfaced, Treasury Secretary Paulson has refused to consider alternatives and Congressional Democrats have tried to insert special interest provisions.”
Washington,
Sep 29 -
Congressman John Shadegg (R-AZ) today released the following statement after voting against the Emergency Economic Stabilization Act:
“If Secretary Paulson and Democrat leadership had negotiated in good faith, taking into account the major reforms that needed to be made, a financial bailout package would easily have been passed.
Throughout this process, I remained open-minded and prepared to vote for an imperfect solution to the financial crisis. The Emergency Economic Stabilization Act however, offered no solution, perfect or otherwise. It contained no substantive reforms to correct the causes of the crisis, and therefore failed to pass.
When government relieves companies from the negative consequences of their bad decisions, it encourages more irresponsible conduct. My colleagues and I could not support a measure that would increase the involvement of the government in the financial services market without implementing safeguards against further damage. As we have since negotiations began, House Republicans stand ready to work with Democrats and the Administration to craft a bailout plan.
There is no reason for investors and the American public to be concerned. If the Administration and Congressional Democrats are serious about solving this problem the process in the U.S. House would allow an improved measure to come to the floor within hours and pass today.”