WASHINGTON, DC. ---- “I am reporting to my constituents that I voted “no” on H.R. 3997, the Emergency Economic Stabilization Act of 2008, which I believe is simply a $700 billion financial earmark for Wall Street. While I believe that a legislative remedy is in order this bill, which was developed in good faith by House leadership on both sides of the aisle, fundamentally failed to provide adequate protections for hardworking, middle-class Americans.  Contrary to earlier news reports, this bill failed to curb exorbitant CEO compensation excesses and would have simply imposed a 20% excise tax on their existing salaries and bonuses, something my constituents simply could not abide.  Further, there’s nothing in this bill that would have helped those hard-working families who are only one pay check away from foreclosure.  In addition, the oversight function, as written in this bill, vested all of the oversight in Presidential appointees, not in an independent, bipartisan group of leaders who would have the support from both political parties and a majority of the American people.

“My constituents have spoken loudly and clearly to me and I have heard them.  I am committed to continuing to work with leadership, on both sides of the aisle, to craft a proposal that will restore confidence in our financial markets while including a realistic stake, and financial safeguards, for middle-class and lower income working families many of whom reside in my 1st Congressional district.”

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