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Contact: Travis Burk
(202) 225-4215
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Drake Votes Against $700 Billion Intervention in Financial Markets, Calls for Strict Oversight and Permanent Solutions
Washington,
Oct 3 -
U.S. Representative Thelma Drake (R-VA) today voted against the Emergency Economic Stabilization Act of 2008. The bill passed the House 263-171. Drake released the following statement:
“This is without question a very difficult vote on the most important domestic issue facing our country. Let me be clear, I do not take lightly the critical nature of the credit crisis our markets face today. I have spent dozens of hours researching the issues and listening to financial, government and business leaders in my district and in Washington, and most importantly thousands of my constituents. I came to the conclusion that this bill is at its foundation fatally flawed. The bill pledges 700 billion of taxpayer dollars with no guarantee this will correct the underlying problem and stabilize the markets.
“Now that the vote is behind us, we all should agree that the next step is to ensure that this legislation is implemented properly with aggressive congressional oversight. We also must reform the laws related to the financial industry, the mortgage industry, predatory lending, and appraisal reform and ensure that this never happens again.”
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