America is facing a serious economic crisis, and financial concerns are at the forefront of all of our minds.  Throughout the year, Americans have been struggling with the effects of a sluggish economy, lowered housing values and high energy costs.  For many Americans, however, the depth of our economic difficulties was not completely understood.
Toward the end of September, we were struck with two bolts almost out of the blue – the suggestion that our financial system is on the verge of collapse, and a legislative proposal under which unprecedented power, discretion and taxpayer dollars would be granted to the Secretary of the Treasury.
Both the Senate and the House ultimately approved this legislation.  But as I weighed the pros and cons of this proposal, I knew that I could not ‑ that I must not ‑ support this proposal.  I believe that the passage of this bill amounts to an unprecedented expansion of government power and discretion with a $700 billion price tag.
After listening to many people I deeply respect – including thousands of hard-working Louisianans – I voted in opposition to this bill.  I did so not because I don’t think we face very serious economic challenges or that the federal government doesn’t need to act.  We do face serious challenges – credit is drying up and that is a real threat to average Americans.  And the government does need to act, but it needs to do so as soon as responsible action is possible.
I voted against this bill because we don’t need to use hard-earned taxpayer dollars in a way that sets a dangerous precedent like this.  We should move to stabilize the market and increase liquidity instead of forcing government into the market at taxpayer risk and expense.  We need to minimize the pain on average Americans who did nothing wrong, instead of shielding politicians, flagrant lenders and irresponsible borrowers.
It’s time to reform the misguided government policies that caused this mess and enact real solutions that grow our economy, develop small businesses, and increase opportunity for all Americans.  It’s time to stop the knee-jerk political reactions and focus on real solutions to secure our nation’s future.
Please let me know about any issues of importance to you and your family by contacting me at any of my state offices or in my Washington office by mail at U.S. Senator David Vitter, U.S. Senate, 516 Hart Senate Office Building, Washington, D.C. 20510, or by phone at 202-224-4623. You can also reach me on the web at http://vitter.senate.gov.

David Vitter serves Louisiana in the United States Senate.