WASHINGTON, D.C. — Republican House Policy Chairman, Representative Thaddeus McCotter (R-MI) – the first Republican member of Congress to publicly oppose Wall Street’s trillion dollar bailout issued the following statement about the defeat of the legislation:
“The voice of the Main Street has been heeded and obeyed by Congress. Americans said “No!” to the Paulson bailout. Now, let our work commence in earnest and prudence on behalf of the American people.
“In this time of economic difficulty and uncertainty, the people never panicked. Neither should their elected servants. It is time for the President of the United States to:
“Calm the Congressional and global investor panic his administration has exacerbated.
“Demanding the resignation of Treasury Secretary Paulson, who no longer serves a constructive role in the enactment of the legislation necessary to end this period financial difficulty and uncertainty.
“Deputize and dispatch a new representative to the Congressional negotiations, such as former Treasury Secretary James A. Baker, III, who has credibility with both markets, Congress, markets and, most importantly the American public.
“Rule out pushing a financial recapitalization model based upon taxpayers purchasing ‘toxic assets’ from financial institutions, which the American public rightful believes unjust.”
“And work with Congress to pass a plan that strengthens confidence in markets by spurring private recapitalization of our financial sector and establishing a just and necessary level and manner of public participation.
“On Congress’ part, as I earlier warned, we must not impose artificial deadlines to the legislative process, for it will worsen the perception of crisis – as has occurred both in the United States and around the globe. Congressional action remains necessary to address this situation, and an earnest process will result in a prudent solution; and the American people will retain their faith in both their financial markets and, more importantly, in their representative government.”
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