Published: 09-30-08
WASHINGTON—U.S. Sen. John Cornyn R- Texas Vice-Chair of the Senate Republican Conference and a member of the Senate Budget Committee issued the following statement today regarding the House of Representatives’ rejection of the financial stabilization bill:
“The American people demand accountability from Wall Street and deserve transparency when it comes to how their tax dollars are being spent. Many are angry about the current economic situation and frustrated about being presented with an all-or-nothing proposal. I share their anger and their frustrations. The perception surrounding this bill was that it rewarded Wall Street at the expense of Main Street and I believe that was reflected in today’s vote.
“However simply doing nothing is not an option. The reality is that there has been too much partisanship in Washington and too much excess by some in our financial markets. A major reason we find ourselves in the current situation is precisely because Congress did nothing to reform Fannie Mae and Freddie Mac when so many of us were calling for reform in recent years.
“It is my hope that the debate this week signals the beginning and not the end of a bipartisan effort by Congress to strengthen the economy. Both parties need to continue working together and improve this bipartisan plan to protect taxpayers small businesses’ access to affordable credit and our economy in the global marketplace. At the same time the Department of Justice must continue its investigation of those on Wall Street who may have broken the law and contributed to our financial problems.
“I for one am committed to working with members of both parties to do what is needed to get America back on more stable economic footing. To be clear the current crisis must not be used as an excuse to grow the size of government and increase the tax burden on working Americans who value personal responsibility. Bigger government and higher taxes will only make matters worse and not better. It is my hope that Congress can set the rancor and partisanship aside and get back to work for the American taxpayers.”
