Sam Johnson casts no vote on Wall Street bailout
"Let's go back to the drawing board."

September 29, 2008

Today U.S. Congressman Sam Johnson (3rd Dist.-Texas) released the following statement on the Wall Street bailout legislation before the U.S. House of Representatives, H.R. 3997, the Emergency Economic Stabilization Act of 2008. The measure failed 205-228.

Johnson supports the Economic Rescue Alternative Plan proposed by House conservatives.

Johnson serves on the Ways and Means Committee that has jurisdiction over taxes and represents portions of Dallas and Collin Counties.

"As a relentless supporter of free enterprise, I fear we are rushing headlong into socialism. The American people want us to do something. I agree 110%. Today's vote shows that they think the Paulson proposal was not the answer. I say let's go back to the drawing board and craft a thoughtful compromise that demands that Wall Street bails out Wall Street.

"A teacher once said, 'for every choice you make, you pay a price.' Wall Street, not the taxpayers, should be paying the price for reckless decisions, risky loans, blind ambition, and uncontained greed.

"The taxpayers of the Third District have been calling my office all weekend wanting to know when the Congress will bail them out just like government will rescue Wall Street.just like they did for Bear Stearns, just like they did for Freddie Mac, just like they did for Fannie Mae, just like they did for AIG. The taxpayers of the Third Congressional District have told me 'enough already.'

"Too many people and banks were overleveraged. Now they're paying the price - literally. This package rewards banks that made poor business decisions to the disadvantage of good banks - all financed by taxpayers.

"I support helping families, homeowners, and business owners. I say we slow down and figure out the best way forward. Now is not the time to strap the U.S. taxpayers with a rushed $700 billion bailout for Wall Street that may not even work. I am not willing to sacrifice the financial future of my children and grandchildren. They can't be expected to pay for this. There has to be a better way."

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