Politics

Why I Voted for the Financial Rescue Package

As I have discussed with many of you over the past week, my vote on Monday against the Emergency Economic Stabilization Act was a decision that I struggled with. Although I have cast many difficult votes during my time in Washington, this particular vote was different because of the extraordinary consequences and stark differences between my two options. A vote for the package would have empowered the federal government in ways that were unprecedented, but inaction in this crisis could have led to far reaching disruptions in our economy that put the livelihood and life savings of millions of people at risk. In the end, I chose to oppose it because I believed that we could craft a better bill rooted in a free market solution to a free market problem.

In the days leading up to Monday?s vote, I did all the usual fact gathering, listening to expert and constituent opinions, and bill reading that I normally do to decide my position, but found that I still did not have the answer. I appreciate the many letters, emails, and other communications from all of you expressing your opinions about the correct course of action. Most of you were against the rescue plan, and I weighed your thoughts as I tried to make my decision. Quite frankly, given your almost universal opposition to the plan, a no vote was the path of least resistance. And in fact, while I was home this week most of you continued to support my opposition to the rescue plan. However, I also spoke with a growing minority of constituents who were disappointed that I did not support the House bill and urged me to support the plan if it came back up for a vote in the House.

Full post as published by Mike Conaway's Blog on October 03, 2008 (boomark / email).