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For Immediate Release Contact: Betsy Hart
September 29, 2008 (202) 226-8555

HERSETH SANDLIN STATEMENT ON HOUSE VOTE ON FINANCIAL LEGISLATION

September 29, 2008, Washington, D.C. – Today, the U.S. House of Representatives considered H.R. 3997 which failed by a vote of 205-228. U.S. Rep. Stephanie Herseth Sandlin, who did not support the provision, released the following statement after her vote:

“Over the past several days, I’ve heard from thousands of South Dakotans who have concerns about the plan considered by the House this afternoon, and I am grateful for their input.

“I’m fully aware of the seriousness of the financial problems in the market and the likelihood that some government intervention may well be necessary. I have said from the outset that we should move as fast as is possible, but also evaluate different approaches and their potential consequences so as not to make the financial situation worse in the long run. I became increasingly concerned about the rush to act, the vast amount of power to be placed in the hands of the Treasury Secretary without effective oversight, and about the need to better ensure that taxpayers recoup the hundreds of billions of dollars that may be necessary to stabilize the financial system.

“The overall price tag for the bill - $700 billion – is a staggering sum, and is more than we’ve spent on the entire Iraq war so far. Ultimately, I could not support today’s bill because I believe that we need to take time to get it right, to ensure greater accountability now and in the future on Wall Street, and we need to do everything we can to protect taxpayers, most of whom have played by the rules and are in no way to blame for these problems.

“To be sure, we are facing serious economic challenges in this country. This afternoon, I have already been in discussions with a number of my colleagues who voted against this particular bill, and I will work with Democrats and Republicans committed to finding a better solution that is both effective and fair.”

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Congresswoman Stephanie Herseth Sandlin serves South Dakota in the U.S. House of Representatives. She is a member of the Blue Dog Coalition, a group of moderate Democrats committed to fiscal discipline and strong national security, and is co-chair of the Rural Working Group, which is dedicated to raising the profile of issues important to rural America. She also serves on three committees vital to South Dakota’s interests: Agriculture, Veterans’ Affairs and Natural Resources. In the 110th Congress, Rep. Herseth Sandlin was one of only 15 members appointed to serve on the Select Committee on Energy Independence and Global Warming.