Washington, D.C.-Congressman Neugebauer made the following statement after voting against the bipartisan economic rescue package that was signed into law by President Bush this afternoon:

“Our markets are not functioning normally, and the problems within the credit markets are now threatening to impact those who did not create these problems. I do not believe that the people of the 19th District, who made conservative lending and investment decisions, should have to pay for the mistakes made on Wall Street, nor do I believe that ultimately our children and grandchildren should have to pay for these mistakes either.

“I voted against this bill because I do not believe this legislation is the best way to solve the problems faced by our economy.  I believe there are other alternatives which should have been considered.  The bill passed today grants extensive authority to the Treasury Department over a large amount of money.  It also sets a precedent that those who made poor decisions can rely on the taxpayers to step in and cover their mistakes when needed.

“Over the past two weeks, I have talked with numerous people with first-hand experience working in the financial markets, economists and the Treasury Department.  My conversations have led me to believe there is no consensus this is the right, best or only solution to the problems the markets are experiencing. When Congress is making this large of a commitment of American tax dollars, we must ensure that all other proposals have been submitted and properly vetted.

“Yet, even during this time of uncertainty, I am confident our economy can regain its strength.  Families, Main Street and Wall Street all need to take another look at how they use debt and credit and use it more responsibly.  I hope we will see some fundamental changes and go back to the basics of lending and borrowing in which decisions are made based on the ability of the borrower to repay.

“These are unprecedented times and I pledge to continue fighting for the taxpayer.  I will work tirelessly with my colleagues in Congress and the current and next Administration to get serious about the fundamental challenges facing our country.

“Although I voted against this legislation, I am committed ensuring the Treasury Department implements this plan in a responsible manner. Now is the time to roll-up our sleeves and ensure this plan will maximize the benefits to our economy and protect the taxpayers to the greatest extent possible.”

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