No bailout for Wall Street without middle class protection
Issue date: 10/5/08 Section: Neighborhood
Congresswoman Donna F. Edwards (D-MD) this week released the following statement after voting "no" on the $700 billion bailout legislation. The measure failed in the House with a vote of 205-228.
"This legislation would have done little to help the hard working people in my district. After careful consideration, I could not support this bailout. While we must restore confidence in our financial markets, this was not the solution to solving our country's financial problems. We must take steps that do not burden the taxpayers such as putting more regulation on the market, restoring a sensible accounting system, valuing these toxic assets with their value today and restraining short sellers who are just trying to make a quick profit. This bill did not do any of those things.
"This bill was vague and contained more dressing than substance for working Americans. It gave the Secretary of the Treasury unparalleled purchasing power of any financial instrument without adequate, enforceable oversight. There were no guidelines in this bill directing the Secretary as to how or which troubled assets to buy. The bill did not address how or when the government would sell the purchased assets back in the market. Despite the positive provisions of this bill that help tenants, the provisions to help homeowners were not mandatory; they were discretionary. Finally, the Economic Stimulus bill which passed the House and included real benefits to working Americans such as extending unemployment benefits, providing additional food stamp assistance, and investing in infrastructure to create good-paying jobs is effectively dead.
"The $700 billion allocated in this bill would have constrained us from addressing the real needs of this country such as implementing universal healthcare coverage, a clean, secure energy future, and quality education for our children. I look forward to working to strengthen our financial markets by bringing strong regulation and oversight back to the markets. I will work to regulate hedge funds and the credit industry. I will fight to give bankruptcy and real foreclosure protection to homeowners.
"I commend my colleagues for their hard work during these difficult times. We were handed a set of bad ideas from the President and Treasury Secretary Paulson and good people have tried to make the best of it -this was not the best we could do for taxpayers, homeowners, or small businesses.
"This bill did little to rein in the irresponsible practices of the Wall Street executives. If anything, it encouraged their reckless decisions by bailing them out and punishing the hardworking taxpayers that are already struggling to buy their groceries and keep their houses. Despite our best efforts, this bill was like the Thanksgiving turkey without the stuffing. It looked good on the outside but there was nothing inside. At the end of the day, my obligation is to serve the interests of the people of the 4th Congressional District. I thank my constituents who took the time to contact me to share their views regarding this measure."
"This legislation would have done little to help the hard working people in my district. After careful consideration, I could not support this bailout. While we must restore confidence in our financial markets, this was not the solution to solving our country's financial problems. We must take steps that do not burden the taxpayers such as putting more regulation on the market, restoring a sensible accounting system, valuing these toxic assets with their value today and restraining short sellers who are just trying to make a quick profit. This bill did not do any of those things.
"This bill was vague and contained more dressing than substance for working Americans. It gave the Secretary of the Treasury unparalleled purchasing power of any financial instrument without adequate, enforceable oversight. There were no guidelines in this bill directing the Secretary as to how or which troubled assets to buy. The bill did not address how or when the government would sell the purchased assets back in the market. Despite the positive provisions of this bill that help tenants, the provisions to help homeowners were not mandatory; they were discretionary. Finally, the Economic Stimulus bill which passed the House and included real benefits to working Americans such as extending unemployment benefits, providing additional food stamp assistance, and investing in infrastructure to create good-paying jobs is effectively dead.
"The $700 billion allocated in this bill would have constrained us from addressing the real needs of this country such as implementing universal healthcare coverage, a clean, secure energy future, and quality education for our children. I look forward to working to strengthen our financial markets by bringing strong regulation and oversight back to the markets. I will work to regulate hedge funds and the credit industry. I will fight to give bankruptcy and real foreclosure protection to homeowners.
"I commend my colleagues for their hard work during these difficult times. We were handed a set of bad ideas from the President and Treasury Secretary Paulson and good people have tried to make the best of it -this was not the best we could do for taxpayers, homeowners, or small businesses.
"This bill did little to rein in the irresponsible practices of the Wall Street executives. If anything, it encouraged their reckless decisions by bailing them out and punishing the hardworking taxpayers that are already struggling to buy their groceries and keep their houses. Despite our best efforts, this bill was like the Thanksgiving turkey without the stuffing. It looked good on the outside but there was nothing inside. At the end of the day, my obligation is to serve the interests of the people of the 4th Congressional District. I thank my constituents who took the time to contact me to share their views regarding this measure."
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