The North Coast's Congressman, U.S. Rep. David Wu, voted against the bailout package, saying a taxpayers need assurances the $700 billion loan will be repaid.
"We currently face a serious threat to our economy, and I do believe that we need to act to protect Americans' jobs, retirement, and financial security. Unfortunately, this hasty bill was not the right answer," he said after the $700 billion bill failed 228-205 in the House of Representatives Monday.
"I committed to the people of my district that I wouldn't vote for a bill that didn't have adequate protection for taxpayers, and this bill did not.
"Today's bill put up taxpayer money without a commitment from the government that they would be paid back. Instead, the American people were told that some future president would offer some future Congress a proposal to help taxpayers recoup any losses that they suffered with no guarantee that they'd ever see their money again," said Wu, D-Ore.
"I am committed to staying here as long as it takes to do the right thing, because the taxpayers deserve better than the bill we had today. They deserve a thoughtful solution with real investment protections. They deserve meaningful regulations to rein in the over-the-top excesses of Wall Street. They deserve to have the people who caused this problem bear some responsibility for fixing it. And they deserve a bill that doesn't just hope that a handout to Wall Street will trickle down to benefit Main Street."
H.R. 3997, the $700 billion Emergency Economic Stabilization Act of 2008, failed by a vote of 205-228. The news came despite an agreement among Republican and Democratic party leaders that the bill was needed to prevent economic collapse, and it sent stock markets plummeting.
The bill was backed by 140 Democrats and 65 Republicans; 133 Republicans joined 95 Democrats in opposition.