For Immediate Release
September 29, 2008
Media Contact: Meghan Snyder
(202) 225-2676
Rep. Jordan Addresses Bailout
Washington, DC --This afternoon, Congressman Jim Jordan (R-Urbana) issued the following statement about his vote against the taxpayer bailout of Wall Street, which failed on a vote of 228-205.
“The situation in the nation’s financial markets is at the forefront of everyone’s mind, yet I do not believe that a three-quarter trillion dollar taxpayer-funded bailout was the answer.
Today, Congress missed the opportunity to unleash the nation’s entrepreneurial spirit, along with a wave of private capital and investment, to deal with the needs of the market in a truly American way.
Instead, $700 billion of taxpayer money was put towards a bailout that only serves to hurt our nation’s long-term financial health. It increases our national debt, increases the size of government, and moves us further down the road of unsustainable federal budget growth.
My support is with an alternative plan that would utilize private capital to solve the problem far better than government bureaucrats. By removing the barriers to risk-taking and investment, and providing a government-backed insurance program as a safety net, we would be laying the groundwork to avoid future problems.
I came to Washington to stand up for the interests of regular families and taxpayers who have already felt the impact of the market downturn. They should not be forced to shoulder the burden of those who created the bailout as well. This bill is characteristic of this tax-and-spend Congress, and one that I will continue fighting against.”
