WASHINGTON, D.C. – After a 205 to 228 defeat of H.R. 3997, the “Emergency Economic Stabilization Act of 2008,” U.S. Rep. Frank A. LoBiondo (R-2nd), who voted no, along with 133 Republicans and 95 Democrats, on Monday, Sept. 29 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.”
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Democrat Candidate Dave Kurkowski’s Reaction to LoBiondo’s Vote:
CAPE MAY — Democrat Dave Kurkowski reacted Monday, Sept. 29 to his opponent’s vote against the bipartisan financial bailout plan.
“Frank LoBiondo cast his lot with the ideologues who have just defeated the bipartisan plan to shore up our f altering economy,” Kurkowski stated in a release. “My opponent went against the leadership of both parties, who had worked out a compromise, and even voted against the urging of the President.
“LoBiondo has decided to put our financial system at risk: Our 401Ks, our banking institutions, our pension funds, our home mortgages, and our faltering credit markets. I am deeply concerned about the consequences of my opponent’s action today. He has cast us deeper into an already grave situation,” Kurkowski stated.
Kurkowski noted that in 1999, LoBiondo voted for the repeal of a law passed in the wake of the Great Depression specifically aimed at regulating the financial institutions whose reckless actions have led to the current meltdown.
“My opponent is trying t avoid accountability once again, this is what we’ve come to expect from him. He will not even clean up the mess he helped create. The people of South Jersey deserve better,” Kurkowski stated.
“People need to know the truth about my opponent’s record. I am going to keep working to get the word out,” Kurkowski stated.
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