Fallin Explains 'No' Vote On Bailout Bill

Congresswoman Mary Fallin today issued the following statement concerning her vote against the economic bailout plan:

“Like all Americans, I am extremely concerned with the present state of the economy. I believe government action is needed to stabilize the financial sector and to protect the economic security of our families and businesses. Today’s bill, however, puts the interests of Wall Street above that of Main Street and rewards bad behavior at taxpayer expense. While I remain optimistic about achieving a legislative agreement in the future, I cannot support the legislation before us today for three fundamental reasons.

“First, it represents a violation of a basic American principle to expect taxpayers – who are not at fault in this crisis – to underwrite the rescue of those who are. A combination of bad lending policies at Fannie Mae and Freddie Mac, poor oversight of those agencies, equally bad practices on Wall Street and in the financial markets and, in some cases, simple irresponsible greed, caused this mess. It is simply wrong to expect the hard working American taxpayer to pay for it.

“Second, I was elected to work and speak and vote for the people of the Fifth District of Oklahoma. I cannot tell my constituents in good conscience that the plan we saw today, a massively funded and lightly regulated government intrusion into private finance, is going to benefit the people who put me in office and who I am proud to represent.

“Third, this does not need to be the end of the process. We can shore up our financial markets and protect the investments of our citizens while providing a much greater degree of accountability and transparency. I have been working with my colleagues in the House to develop such alternative solutions, and I remain optimistic that a final legislative agreement will be much stronger than the one we saw today.

“I am ready to do what it takes to pass a workable economic recovery plan that protects the savings, retirement and economic security of American taxpayers. I cannot, however, support a ‘bailout’ that takes $700 billion away from Main Street in a bid to protect Wall Street from the consequences of reckless decisions and a culture of greed. Nor will I write a blank check and simply hope that throwing money at our current problems will make them go away.”

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