Monday, Congressman Doug Lamborn (CO-5) issued a statement following the vote on H.R. 3997, the Emergency Economic Stabilization Act 2008.

“This vote is a victory for the taxpayers. Because I do not support a government bailout of private institutions, I voted against this bill.  It is an invasion of the free market, which I believe is the best way to sustain prosperity for our country.

“I agree that something should be done to restore confidence in our markets. That is why I support alternative legislation by the Republican Study Committee that will allow Congress to help Wall Street ’workout’ this crisis in a way that does not force the taxpayers to ’bailout’ Wall Street. I believe that voluntary private capital, not involuntary taxpayer capital, will best help our financial markets recover.

“Our free market system is the greatest engine for prosperity the world has ever known.

I believe our economy will come back, stronger and better even when it hits obstacles. The key is to allow the markets to work themselves out, not be bailed out.”-- Congressman Doug Lamborn (C0-05)

Congressman Lamborn co-sponsored H.R. 7223, an alternative bill aimed at stabilizing the economy through free market principles. 

Highlights of that bill include:

- Use privately-funded mortgage insurance to stabilize the market and eliminate taxes on profits earned by U.S. firms overseas, so they will not have incentives to move job overseas

- Schedule Fannie Mae and Freddie Mac for privatization

- Suspend mark-to-market regulatory rules until the SEC can issue new guidelines that will allow firms to mark assets to their true economic value

- Allow banks to treat losses on GSE stock as ordinary losses, not capital losses

- Crack down on fraud 



To view the Congressman on CNN in regards to the constituent response, click here.