Moran Statement on Economic Rescue Package

Washington, D.C., October 2, 2008 - Congressman Jim Moran, Northern Virginia Democrat, released the following statement with regards to tomorrow morning’s House vote on the Economic Rescue Package.

“I’m not happy with this legislation and my constituents really aren’t happy with it. But my judgment is that the consequences of inaction would far outweigh the bill’s cost.

“By virtue of the policies of deregulation -- the idea that the government which governs least governs best -- our economy stands on the verge of collapse. While no silver bullet, the best minds in the financial world believe that this short term solution may be able to avert an economic disaster not seen since the 1930’s. The next administration must work closely with Congress to develop a new regulatory framework that provides proper government oversight without intervening detrimentally into the market.  

“While Monday’s vote on the House floor was disappointing I expect tomorrow’s result to be different.

“As the negative economic impact a frozen credit market is having on the American people becomes more fully realized – students denied private loans to pay for their education, small businesses refused the necessary short term credit to stock the selves and meet payroll, qualified individuals rejected for home loans, and everyone’s 401K retirement savings deteriorating – I believe the House will favorably reconsider the rescue package. Congress simply cannot adjourn without acting.” 

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