Scalise Votes ‘No’ on Wall Street Bailout Bill

Monday, September 29, 2008

Washington, DC -- Congressman Steve Scalise issued the following statement following today’s vote on the financial sector bailout. The bill failed in the U.S. House of Representatives by a 228 - 205 margin. Congressman Scalise voted ‘no.’

“While we are experiencing a serious capital shortage in the banking world, the bill that we defeated today was not the right approach to solving this problem. Instead of increasing our nation’s debt, which is already too high, we should pursue a market-based approach that does not put taxpayer money at risk.

“I have worked with other Members of Congress and financial experts on an alternative proposal that incorporates a number of financial, accounting, and tax reforms that address this problem without putting taxpayers at risk or increasing our national debt.

“Another problem with the bill is that it did not contain reforms to prevent this financial mess on Wall Street from happening again. Now that the original proposal has been defeated, I hope all parties involved will come back to the table and consider this alternative approach.”

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Contact: Luke Bolar
202-226-4309