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Congressman Aderholt Votes Against The Rescue Bill After Introducing An Alternative Bill To A Bailout

October 3, 2008

CONGRESSMAN ADERHOLT VOTES AGAINST THE RESCUE PKG AFTER INTRODUCING AN ALTERNATIVE BILL TO THE BAILOUT


Congressman Robert Aderholt made the following statement today regarding his opposition to the financial bailout legislation and a new alternative bill that he introduced this week, “The Economic Growth and Financial Stabilization Act of 2008” (HR 7253):


“As I did on Monday, I voted in opposition to the bailout package because it became increasingly clear to me over the past week that there are other ways to address the instability in the markets. I also took into consideration that the American people did not support a bailout at the taxpayers’ expense. I am disappointed at the result of today’s vote because I believe the Government can play a role in a solution, but not to the tune of $700 Billion of taxpayer dollars.”

“The President and the Senate gave Americans two options for the financial mess that we are in: do nothing or pass this bailout. I disagreed with both options because the bills did nothing to grow the economy through free market legislation.”

“I felt so strongly about this important issue that I supported two alternatives. The first was a bill that I introduced, “The Economic Growth and Financial Stabilization Act of 2008” (HR 7253), which would have jumpstarted the economy by immediately suspending the capital gains tax rate for individuals and corporations. “The Economic Growth and Financial Stabilization Act of 2008” also would have encouraged more capital flow to American banks and businesses by using the private sector, as opposed to a large government takeover.”

“The second alternative I supported was a bill that I cosponsored before the first bailout vote in the House, the “Free-Market Protection Act of 2008” (HR 7223), which was sponsored by Rep. Jeb Hensarling. This bill focused on government reform, corporate accountability and the use of private capital, as opposed to taxpayer capital.”

“Even though the bailout bill passed Congress today, I still challenge President Bush and Secretary Henry Paulson to pursue private capital to help the financial system recover from its’ current problem."