U.S. Representative Chet Edwards today voted for H.R. 3997, the Emergency Economic Stabilization Act, which failed to pass the House by a vote of 228 to 205. The bill strengthens the original proposal put forward by Treasury Secretary Henry Paulson by including increased accountability and oversight, protections for taxpayers and families, and limits on executive compensation for CEOs.
“Our present financial situation is a serious one, and it demands bipartisan cooperation between the White House and Congress to produce a responsible recovery plan to stabilize our economy. At a time when confidence is low throughout the global economy, the government has a responsibility to act to prevent a wider economic collapse that truly harms everyday families.
“Without decisive action, credit markets could freeze and Main Street could suffer with job losses estimated in the millions. Families could be unable to take out basic home and car loans, small businesses could find operating loans dry up, students might not be able to get student loans next semester, and credit card interest rates could soar.
“I strongly opposed the original Paulson plan, because it did not adequately protect the interests of average taxpayers, and it gave complete control on how to spend $700 billion to one person, Secretary Paulson. No one should have that much power. “This bipartisan financial rescue plan includes strong oversight and protects taxpayers by requiring the government and Wall Street to pay back the American people, something I strongly support. Going forward, I believe that Congress and the Administration must pass into law a financial recovery plan, responsible regulation and strong oversight to rein in the abuses of Wall Street and prevent another crisis from happening.
“There is no guarantee that this bill will prevent a recession, because our economy faces a lot of challenges right now, but I believe a failure to pass recovery legislation could potentially start a downward economic spiral that could put millions of jobs and families at risk. I am angered that Wall Street greed has put us in this position, but as imperfect as this bill is, I believe the risk of inaction is far greater for our country and everyday citizens than the risk of this action,” said Edwards, a senior member of the House Budget Committee.
