For Immediate Release

September 29, 2008

 

LoBiondo Statement on Financial Bailout Legislation

Emergency Economic Stabilization Act Considered by Congress Today

 

WASHINTON, D.C. – After a 205 to 228 defeat of H.R. 3997, the “Emergency Economic Stabilization Act of 2008,” U.S. Congressman Frank A. LoBiondo (NJ-02) today issued the following statement:

 

“I have heard from an overwhelming number of my constituents who are struggling to pay their own bills and are now being told they would also have to pay the bills of Wall Street. In my eyes and those of many South Jersey residents, there was no justification to support this bill with its $700 billion price-tag when a return on the taxpayer’s investment is far from certain.

“Corporate fraud and mismanagement have created today’s financial instability; forcing taxpayers to pony up hundreds of billions of dollars to bail out Wall Street’s misconduct will not fix the underlying problems and is undeniably unfair to hard-working Americans. Today, the House rightly stood up for taxpayers’ interests in a bipartisan showing.

“With the defeat of this ill-crafted legislation, the Congress has an opportunity to address the financial crisis in an appropriate manner that will ensure we will not have to revisit this issue a month, three months, or six months nor place additional burdens on the taxpayers. Congress must now roll up its sleeves and work in a true bipartisan and cooperative manner, examining the views of economic experts and engaging in an honest conversation with the American people. Despite the impending election, I strongly believe Congress should not adjourn until the reforms of Wall Street and interests of Main Street are addressed.”