Luis Gutierrez: Representing Illinois' Fourth District

Open Letter to My Constituents

Regarding the Financial Rescue Plan 

October 3, 2008

Dear Constituent:

Today, I was again faced with the very difficult decision of voting for a financial rescue plan that commits our taxpayer dollars to stabilizing the economy, protecting the average American's savings and retirement plan, and ensuring liquidity on Main Street.

There is no doubt that our economy is in crisis.  We see it in the historic drop in the stock market this past week.  We see it in the credit squeeze that prevents the average American from obtaining a car loan today and may prevent our children from obtaining student loans tomorrow.  We see it in the unemployment rate which maintained a five-year high of 6.1 percent last month.  These changes impact the lives and livelihood of average Americans and that is simply unacceptable.  We must take immediate steps to reverse this course, even if it is unpopular.

I am as frustrated as you are that our government must clean up the mess caused by the risk and excess of Wall Street. However, I have chosen to support this legislation because I refuse to stand idly by as the actions of Wall Street devastate the opportunities for families living on Division Street or the small businesses on  26th Street in Little Village.  In the end, this is not just about Wall Street; we are all affected by a bad economy.

We needed to act quickly because this is not the only crisis that our constituents are facing.  Home values are plummeting, the price of gas and food is skyrocketing and wages are stagnating.  The American people simply should not have to bear the brunt of an economic crisis caused by President Bush's deregulation policies and Wall Street's greed.  I will not let poor decisions made by Wall Street force my constituents to give up the American dream they have worked so hard to achieve.   

From the beginning, I have demanded that any plan taken up by the Congress contain strict oversight, and this bill does.  I have demanded that we limit and regulate executive compensation and golden parachutes because executives who benefited from driving their companies into the ground should not also benefit from the government rescue.  I have demanded that the Treasury Secretary be accountable to the American public for all decisions made under this plan, and this legislation requires just that.  I have demanded that the plan provide the taxpayer equity share in all participating companies so that taxpayer dollars can be recouped, and I am proud to say that this legislation does that as well.

I am not happy to cast this vote, but I know that it is necessary.  I came to Congress to protect the interests and values of my constituents.  My vote today was a step in the right direction, a step away from the policies of the last eight years and a step toward the prosperity and strength of an economy fueled by the hard work and diligence that we all know so well.   

Sincerely,