Office of Congresswoman Shea-Porter - Shea-Porter Statement on Bailout Vote

Today, I voted “No” on the Wall Street Bailout. As a member of the middle class, I understand what is at stake. Our economy is in the midst of a financial crisis. The lack of oversight and accountability on Wall Street has been devastating to both the health of our financial system and the security of the middle class.

“This was the hardest vote I have taken. I made my decision to vote against the bailout after careful thought and consideration. During the past two weeks, I have consulted with economists and other financial experts. I have also spoken with constituents and conferred with my colleagues. My concerns today are the same concerns I had when I voted against the bailout on Monday.

“We could have and should have written a better bill that would help the markets and Main Street. While I believe we must address our credit and liquidity crisis and our crisis of confidence, I could not support this legislation. I was disturbed that the first bill gave the Secretary of the Treasury – a political appointee – sole and unlimited authority over $700 billion in taxpayer money.

“This bill did not fix that problem. Too much control was given to those who led us into this mess to begin with. It is equivalent to handing over your car keys to the same people who have repeatedly crashed your car. To add insult to injury, Wall Street executives will still be able to receive staggering salaries while struggling American taxpayers are paying for their mistakes.

“I am stunned that the Senate took a $700 billion bailout bill and added more than $100 billion to it, without a plan to pay for it. As a fiscal conservative, I could not support this legislation. For these reasons, and others, I was forced to vote “No” today.”