Cole, Fallin, Lucas Explain Rescue Bill Votes

Congressman Tom Cole said today his vote for the financial rescue bill is one he will have to defend for the rest of his political life.

In a statement, Cole said, "Lyndon Johnson used to say, 'doing the right thing isn't hard, knowing the right thing to do is.' Over the past few weeks I have questioned whether passing this bill is the right thing to do. But I believe that without immediate action the stock market will take a nose dive, credit will freeze up and economic activity will grind to a halt. I am not willing to gamble the jobs, life savings, retirement accounts, the homes and the businesses of the people I represent. We cannot risk the global, political and social turmoil that will surely occur if there is a severe and prolonged recession or depression in the United States."

Congresswoman Mary Fallin, who voted no on the earlier version but voted yes today, issued a statement in which she said, “Passing this bill was an extraordinary and difficult thing to do, but I believe it was the only way of getting our economy back on track. In moving forward, we must look to additional measures that ensure the American people are never again put in this position. Congress retains oversight of this plan and control of the purse strings, and I intend to ensure that we exercise that authority to protect taxpayers. Congress should also work in a bipartisan fashion to install new and workable safeguards against the kind of irresponsible lending practices engaged in by Freddie Mac and Fannie Mae and other institutions which contributed to this crisis. Only by permanently putting an end to the bad practices that got us here in the first place can we guarantee this crisis does not repeat itself.”

Congressman Frank Lucas, who voted no earlier and the same way today, said, "Today, I voted against the Emergency Economic Stabilization Act of 2008. This was one of the toughest decisions I have made in my 14 years as a United States Congressman, and I know that many of my constituents will be disappointed with my vote. They, like myself, are concerned about the state of our economy and the impact the turmoil on Wall Street may have on their retirement savings, pension fund, or even bank account. However, as concerned as I am about our economy, the cost and significance of this bill coupled with the haste in which it was crafted was of greater concern to me."

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