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10/3/2008 | Contact: Robert Reilly Deputy Chief of Staff Office: (717) 600-1919 |
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For Immediate Release | ||||
Statement on Congressman Todd Platts' Vote Against a $700 Billion Bail-Out of Wall Street |
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Today the House of Representatives voted to approve legislation authorizing Treasury Secretary Henry Paulson to purchase up to $700 billion in troubled Wall Street investments with taxpayer funds. I voted against this legislation, just as I voted against the previous version defeated in the House only days ago. As I stated after the last vote, this legislation will put American taxpayers on the hook for the reckless actions of Wall Street and irresponsible lenders with little certainty of truly solving the underlying causes of our nation’s economic challenges. The federal government clearly has a responsibility to help protect retirees, families, and small businesses on Main Street from the consequences of irresponsible conduct on Wall Street. However, Congress must fulfill this significant responsibility in a manner that addresses the root causes of the economic risks facing our country and, importantly, best protects American taxpayers. Despite these improvements, the bill continues to put taxpayers on the hook for the full $700 billion requested by Secretary Paulson and raises the debt limit by $1.3 trillion. I have communicated to both Congressional leaders and Federal Reserve Chairman Ben Bernanke my objections to providing so much taxpayer money up front for a program that even its advocates acknowledge may not work. House leaders refused to allow an amendment to be offered lowering the amount to $250 billion, at least until the program is proven successful. Instead, an additional 300 pages in extraneous matters were added to the bill. In light of the economic uncertainties facing the country, this was not an easy vote for many Members. Action clearly needed to be taken. That said, I remain unconvinced that the circumstances required the rapid approval of $700 billion in taxpayer funds under a closed process. Now that the bill has been passed and is expected to be signed into law by the President, Congress must ensure adequate oversight that will guarantee the best outcome possible for both taxpayers and the economy as a whole. |
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