Statement of U.S. Rep. Kendrick B. Meek Voting in Support of the Financial Rescue Package

WASHINGTON, DC – U.S. Rep. Kendrick B. Meek (D-FL) released the following statement following today’s vote in Congress in support of the financial rescue package:

“Nearly ten days ago, we in Congress were presented with a 3 page bill drafted by President Bush and Treasury Secretary Paulson that offered relief for Wall Street, but not for Main Street. We Democrats negotiated and renegotiated this bill so that protections for taxpayers would come first. Residents of Miami Gardens and Pembroke Pines didn’t cause this financial mess, and they should not pay for Wall Street’s mistakes.

“The passage of a relief package needs to happen or foreign nations will dictate the economic future of our country – and that is not an option. If foreign central banks and financial institutions dump U.S. debt onto the open market, that will cause serious inflationary pressure on our economy and wipe away the purchasing power of U.S. consumers. When faced with a once in a lifetime economic crisis, Congress will have no choice but to act. Today’s vote was the beginning of the resolution to the financial rescue package, not the end.

“Floridians living on fixed incomes that are dependent upon pension and retirement income need this financial rescue package to pass. A senior citizen from North Miami cannot afford to have his or her lifetime savings disappear in the blink of an eye. If Congress doesn’t act, this nightmarish scenario could repeat itself over and over again throughout Florida and the nation.

“Florida is ground zero for the foreclosure crisis, and the financial relief package that Congress will pass must contain provisions allowing the government to work with loan service providers to change the terms of mortgages by reducing principal or interest rates, or lengthen the time pay back mortgages. Otherwise the projected 2 million foreclosures next year will only rise and in South Florida, roughly one in ten homeowners will be foreclosed upon.

“I joined the Democratic leadership, Republican leadership, and presidential candidates Senator Barack Obama and Senator John McCain in backing this legislation. As we cast our votes this afternoon, the Dow dropped over 700 points and consumer confidence further plummeted. Congress has no choice but to pass this financial rescue package and begin the long and difficult road of correcting eight years of economic mismanagement and fiscal irresponsibility.”

U.S. Rep. Kendrick B. Meek represents the 17^th Congressional District of Florida which includes parts of Miami-Dade and Broward Counties. He serves as the lone Floridian sitting on the House Committee on Ways and Means, and also sits on the House Armed Services Committee.

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