Today I joined a bipartisan majority in the House of Representatives - and my seven House colleagues from Arizona - in opposing the Emergency Economic Stabilization Act. I voted against the bill because it failed to provide sufficient protections for American taxpayers.
Our nation is confronting serious instability in our financial markets that threatens the strength of the entire U.S. economy. Wall Street companies must pay the price for their predatory lending, irresponsible trading and greed. Years of deregulations and minimal oversight by the federal government encouraged this behavior. I support responsible federal action to ensure that we protect retirement accounts, student loans, mortgages and lines of credit for small business.
The Bush Administration's request for an unrestricted and unfettered $700 billion bailout for Wall Street was completely unacceptable. After days of bipartisan negotiations, a more responsible proposal emerged late Sunday night when the Emergency Economic Stabilization Act was released. But it was rushed to the House floor Monday morning and as the most expensive economic program in the history of the country, I believe Congress needs to take more time to fully consider the implications of such legislation.
I am concerned that this bill did not have adequate taxpayer protections to ensure a fair, long-term return on our investment. The bill also lacked strong enough restrictions on executive compensation.
This week, Democrats and Republicans must keep working together, put election year politics aside, and develop smart solutions to both short term and long term problems in our financial markets and economy.