| I received a reply from Rick Larsen which, I know is not personal in any way, at least is a reply and an attempt at explaining his vote -- I will share it with you all:
Today I made the difficult decision to vote for the financial rescue package. I would like to take this opportunity to explain my decision to you.
Over the past five days, I have heard from many of you concerned with the financial rescue package. I have read the messages you left with my staff. I have talked with constituents visiting my DC office. I have read your emails. I have spoken with local banks and small business owners, students, and families.
Many of you have said you were worried about the huge cost of this bill. Others thought we should not act to help the Wall Street investment firms whose irresponsible choices led us to this terrible situation. Some of you were concerned that this bill helped Wall Street but did nothing to help families struggling with foreclosure and the economic downturn.
I have heard your concerns and have worked to address them.
Our nation faces an economic crisis that has the potential to impact every family in the country. The Bush Administration responded to the crisis by requesting a $700 billion blank check with no oversight, no protections for taxpayers, no returns on taxpayer investment, and no help for homeowners.
Congress said no way, no how, no blank check. Instead, Democrats and Republicans in Congress worked together to make improvements to the Administration's plan. We included the oversight, accountability and stake in our investment that American taxpayers need and deserve.
That is why I voted for the Emergency Economic Stabilization Act of 2008 (HR 3997). Although I voted in favor of the bill, it failed by a vote of 228-205. This improved financial rescue package would have cut the $700 billion payment in half and conditioned any future payments on Congressional review. It would have banned golden parachutes and exorbitant bonuses for Wall Street executives who participate. It would have provided help for families who have been hit hard by the foreclosure crisis. It would have ensured that taxpayers get a fair return on our investment, benefit from any future profit, and it would have provided strong oversight and prohibited any conflicts of interest.
The economic rescue package I voted for today is not about helping banks or Wall Street. It is about protecting all of us -- American families in Washington State and across the country who need our economy to recover and grow.
Due to the credit crunch we already face, banks in Washington State and around the country have already tightened lending, and families and business are finding it more difficult to get the loans they need in their everyday lives. If you own a small business and need a loan, are planning to buy a home, or if your son or daughter wants to go to college, you could pay the price.
Without an emergency intervention, Americans who play by the rules, Americans who pay their bills on time every month, and Americans with good credit will suffer due to Wall Street's mistakes and the Bush administration's refusal to provide the appropriate regulation our economy needs.
Under the financial rescue package, the federal government would buy bad debt from troubled banks to unclog our financial system, allowing banks to once again provide the capital our economy needs to recover and grow.
In the coming days, it is critical that Members of Congress come to an agreement and pass a financial rescue package as soon as possible. Our economy depends on it.
In the coming weeks, Congress must also act to deliver the appropriate regulation and oversight our economy needs for the long-term - regulation and oversight the Bush administration has failed to provide. Sincerely, Rick Larsen
United States Representative
Washington State, 2nd District
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