Statements from Oklahoma House Members on the Bail-Out Vote

Here are the statements released today by the Oklahoma U.S. House members after the vote on the $700 billion bail-out package:

Rep. Mary Fallin, R-Oklahoma City, who voted against it:

            “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.”

Rep. Tom Cole, R-Moore, who voted for the package:

“I am disappointed Congress couldn’t come together and pass this bipartisan compromise given the serious economic challenges we face.  The fact that the current President and both our major party presidential nominees were in favor of this legislation indicates the gravity of the situation ahead of us.  In my opinion gridlock and inaction were not legitimate options.” 

   “Our nation is facing the most challenging economic times since the Great Depression.  In recent days we have seen some of America’s largest and most storied financial institutions fail.  And while the problems may have originated on Wall Street, the devastating impacts of these problems are beginning to be felt on Main Street.”

 “Personally, this is the toughest vote that I have ever cast, but I am convinced that it was the right thing to do for America and for the people I’m privileged to represent.  I did not live through the Great Depression, but my parents and grandparents did.  And, having lived through the tough times of the 1980s, sparked by bank failures and a real estate bust, I want to do all I can to see that our own children are spared such trials and hardships.  I believe history will show that support for this bipartisan compromise was a tough vote, but the right vote.” 

 Rep. John Sullivan, R-Tulsa, who voted against it:

“As I said from day one, given the seriousness of the situation we currently face, I am willing to support government intervention so long as the interests of the taxpayers are completely protected.  Voting no was the only way for me to register the concerns of First District residents that this plan is not the right deal for American taxpayers.  Congress rightfully voted down this bill indicating that we will go back to the drawing board to develop the right solution for our economy and American taxpayers.” “While I voted against this bill, our efforts over the past week resulted in significant improvements from the original Paulson plan – which I found unacceptable.  I am encouraged that my colleagues and I can work in a bipartisan fashion to explore alternative ideas, gather more information and ultimately provide the best deal possible for taxpayers.”