State treasurer supports financial rescue plan

As the U.S. Senate prepares tonight to take up a modified $700 billion bank rescue plan, state Treasurer Scott Meacham called today on Oklahoma’s congressional delegation to act quickly to pass the measure.

U.S. Sen. Tom Coburn, R-Muskogee, said Monday that taxpayers deserve to know “we will face a financial catastrophe if we do nothing.”

U.S. Sen. Jim Inhofe, R-Tulsa, has been hesitant to back the plan, saying any legislation must have the public’s support.

The House on Monday defeated an earlier proposal.

Three of five Oklahoma’s House members voted against the measure. Meacham urged Reps. Mary Fallin, R-Oklahoma City, Frank Lucas, R-Cheyenne, and John Sullivan, R-Tulsa, to switch their positions and vote for the package if it passes the Senate tonight and heads to the House tomorrow. U.S. Reps. Tom Cole, R-Moore, and Dan Boren, D-Muskogee, voted for the measure.

Without significant action soon, Meacham said, the damage will only worsen.

“We saw earlier this week what happened to the stock market after the House failed to approve the first rescue package,” he said. “The stock market set a record for the largest single day decline in history and investors lost more than a trillion dollars.”

Meacham said no package is going to please everyone.

“No taxpayer is happy that they are being called on once again to rescue private businesses from their poor decisions,” Meacham said. “However, history teaches that failure to act in times of national crisis can be devastating. Herbert Hoover had to learn that lesson the hard way following the stock market crash of 1929.”

What do you think? How should Oklahoma’s congressional delegation vote?

 - Michael McNutt, Capitol Bureau