“Today, members of Congress were asked to make a difficult decision. As it became increasingly clear that the financial crisis facing America was extending beyond Wall Street and threatening the jobs, homes, and retirement security of the men and women reporting for work on Main Streets throughout Minnesota and across America, we were asked to cast our vote for an imperfect, but important, solution. Unfortunately, this bill did not pass, and the crisis continues.

 

In recent weeks, I have heard from thousands of men and women in Minnesota’s 2^nd district. To a person, they voiced concern about the liabilities they would face under the bailout plan proposed by President Bush and Treasury Secretary Henry Paulson. Many also expressed worries about how the current financial instability would threaten them personally – their bank accounts, retirement savings, and jobs. Throughout negotiations, I represented the voices of these men and women and worked with my colleagues to address both concerns, insisting that any effective solution must protect taxpayers and ensure accountability while returning stability to our financial markets.

 

The result was imperfect, but it was a bipartisan solution that I believed was in the best interest of Americans. Supported by such diverse groups as AARP, National Federation of Independent Business, and the U.S. Chamber of Commerce, it provided increased protection for the American taxpayer by instituting greater oversight and transparency. My Republican colleagues and I stood firm against the original, seriously flawed plan, as well as irresponsible provisions supported by my Democratic colleagues – including slush funds for left-leaning political organizations. We demanded that Wall Street finance its recovery through a federal insurance program. We also fought to ensure no golden parachutes would be available to corporate executives who made reckless decisions. But the bill failed, and we must, once again, return to negotiations.

 

As we can see from the precipitous decline in the markets, this crisis has not dissipated. I urge my colleagues not to allow discussions to devolve into partisan bickering. We must not act in a way that exacerbates the problem. As we now resume negotiations, I am hopeful that we can put aside our differences and work together to shield Americans from further harm caused by Wall Street and Washington.”