Why I Voted Against the Bailout
by Tom Udall, Mon Sep 29, 2008 at 11:47:03 AM EDT
Tom Udall wanted me to get you this statement as quickly as possible, now that the bailout bill has gone to a vote:
I cannot in good conscience vote for a rushed $700 billion taxpayer funded bailout to shore up Wall Street while ignoring our middle class and the nation's underlying economic flaws that caused this crisis in the first place. I will, however, continue fighting to do what's right and fix our financial markets to prevent similar crises from occurring again.
Tom Udall laid out his priorities for any bailout bill that he could support last week:
"The Administration's proposal, as it has been presented to Congress, needs significant changes. First, any plan that puts taxpayer money at risk must ensure that taxpayers get paid back before shareholders, bondholders or executives--so that corporate CEOs do not get a golden parachute while taxpayers are left to pay the bill.
"Additionally, Congress should act further to keep Americans in their homes by addressing the crisis in the mortgage industry as well as the one in the financial sector. Any economic package that allows tens of thousands of Americans to lose their homes is simply inadequate.
"Finally, there must be accountability. If we invest taxpayer dollars to protect our financial markets, we should make sure that money is spent effectively and efficiently, with proper oversight and accountability. No administration should be given unlimited authority over the spending of $700 billion or more of taxpayers' dollars. Any bailout plan needs to ensure that those managing the bailout are responsible to Congress and the American people."
Tom has carefully considered the current version of the bailout bill, and has decided that it falls short. It does not meet the principles he laid out at the time this bailout was proposed, and does not address those who are hurt the most by this crisis. Tom Udall knows that we can do better.
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