Congressman Courtney Votes Against Bailout Package

From the Norwich Bulletin:


Courtney votes against bailout package; read his comments
Norwich Bulletin
Posted Oct 03, 2008 @ 01:53 PM
WASHINGTON —

U.S. Rep. Joe Courtney, D-2nd District, voted against the Emergency Economic Stabilization Act of 2008 today in the House of Representatives. The measure passed the House by a 263-171 vote. A release by Courtney said he believes the bill, while improved from the House version he voted against on Monday, still did not address the underlying factors that have triggered the current financial crisis.

Courtney released the following statement:

“When I was elected to Congress, I pledged to act in the best interest of my constituents and the nation, and I cast my vote with the families of eastern Connecticut first and foremost in my mind.”

“While the legislation was improved over the first version considered by the House, I could not in good conscience support this package that demands more than $800 billion in taxpayer funds while the fundamental problems of the housing market damaging our economy remain unaddressed. I voted no because I do not believe this proposal will sufficiently address our economic crisis and because the package was not fair enough for the middle class.”

“Let me stress that my vote against this package was not a signal that I am complacent about the state of our economy and the anxiety my constituents are feeling. As someone who represents one of the hardest hit sections of Connecticut, our economic challenges have been apparent to me for the last twenty months I have been in office. Home foreclosures have been accelerating in my district at the highest rate in the state, and the toxic loans sold by large lenders have spread like a virus through our economy.”

“Over the past week, I have heard from constituents who vehemently oppose the bailout package, retirees worried about their 401Ks, and small business owners concerned about the freeze in our credit markets. I take this economic crisis very seriously. However, especially in a time of crisis, the people of Connecticut deserve a real solution to the grave problems in our economy.”

“Failing to address the increasing pace of mortgage defaults and the slide in real estate values diminishes the chance of success for the rescue package and reduces the prospects of taxpayers recovering a reasonable amount of their nearly $800 billion dollar line of credit.”

“Moreover, the proposal still falls short on the test of fairness. The proposal fails to limit outrageous compensation and bonuses paid to Wall Street CEOs and executives who caused this crisis. It also neglects enacting tough oversight of how the Bush Administration would use taxpayer funds.”

“The package was improved after Senate action this week. Raising the cap on FDIC insurance and attaching R&D and energy tax credits were a step in the right direction. By slowing down this process earlier this week, we were able to improve a bill that at least was able to gain majority support in the House, even if it ultimately fell short of something I could support.”

“While I stand on the other side of my colleagues who voted for the legislation, I stand with them and all Americans in hoping the proposal works. If it does not, I stand ready to work with members of both political parties to forge a financial rescue plan that gets it right.”