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Subject: CRAPO: FINANCIAL RESCUE PACKAGE DOESN'T ADEQUATELY PROTECT TAXPAYERS
Date: Wed, 1 Oct 2008 22:08:36 -0400
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Thread-Topic: CRAPO: FINANCIAL RESCUE PACKAGE DOESN'T ADEQUATELY PROTECT
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From: "Crapo News Release (Crapo)" <newsclips@crapo.senate.gov>
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FOR IMMEDIATE RELEASE
CONTACT:    Susan Wheeler (202) 224-5150

October 1, 2008
Lindsay Nothern (208) 334-1776

=20

CRAPO:  FINANCIAL RESCUE PACKAGE DOESN'T ADEQUATELY PROTECT TAXPAYERS


Votes against legislation regarding credit and financial markets


=20

Washington, DC -   Idaho Senator Mike Crapo voted against the
legislative package to provide $700 billion in assistance in the credit
crisis now confronting the country.  The measure, H.R. 1424 The
Emergency Economic Stabilization Act, cleared the U.S. Senate on a vote
of 74 to 25, and will now be referred back to the U.S. House of
Representatives for reconsideration.

=20

"I voted no because I am not convinced that the Administration's
proposal in its current form is the right solution, that taxpayers were
protected," Crapo explained following the vote this evening.  "This is
not to diminish the serious and real threat that faces our financial
markets and economy.  To be certain, there is a substantial threat that
must be dealt with, but this proposal requires the taxpayer to assume
the majority of the risk.  The taxpayers must be protected if this
solution doesn't work out, and should be the last to take a financial
loss.  However, after much review and evaluation, I concluded that this
proposal fails the fairness test and left the taxpayers with too much
risk.  The credit crunch has extremely serious repercussions throughout
every aspect of our economy, and we simply must get this right.  We have
not spent any time determining if Congress has chosen the best response;
there are many well-informed people who argue that we have not.

=20

"This is a very complicated issue, one that requires careful evaluation
of all the alternatives available, but Congress only addressed one way
to face the crisis.  While questions from the public certainly forced
needed improvements regarding executive compensation, oversight,
accountability and transparency, this measure needed more work, more
evaluation and more debate.  It does not resolve the over-reaching
problem of how we reached this point.  The next Congress is going to
have to do more to address this crisis and make significant reforms to
our capital markets.

=20

"Thousands of Idahoans have contacted my offices, expressing their
concerns over this situation. I also carefully considered concerns
expressed by Idaho employers, many who are now starting to experience
credit tightening and financial difficulties as the repercussions from
this crisis trickle down to our hometowns.  To be sure, this was a
challenging vote, and I appreciate all of the input that I have received
from the many, many people who have taken the effort to let me know how
they felt about this legislation.

=20

"Regardless of the ultimate outcome regarding this legislation, many
uncertainties will continue. We must remain vigilant and be prepared to
adjust course in the next session of Congress if we find the economy has
not sufficiently improved."

=20

Crapo serves on the Senate Banking, Housing and Urban Affairs Committee,
which maintains oversight and jurisdiction over the financial markets. =20

=20

=20

To directly link to this news release, please use the following address:

http://crapo.senate.gov/media/newsreleases/release_full.cfm?id=3D303986
<http://crapo.senate.gov/media/newsreleases/release_full.cfm?id=3D303986>=

.=20

=20

# # #

=20

=20

=20

FOR INTERESTED MEDIA: A radio actuality is available by calling
1-800-545-1267.  Press 327 at any time during or after the greeting and
instructions.  You can also access the actuality through the Internet at
http://src.senate.gov/radio/ <http://src.senate.gov/radio/> .

=20

......................................................................

This is generated from an unattended mailbox. If you have constituent
comments or information you would like forwarded to Senator Crapo,
please do so at the Senator's website, http://crapo.senate.gov
<http://crapo.senate.gov/> . Comments sent to this e-mail address will
not be responded to.

=20


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<div>

<p class=3DMsoNormal =
style=3D'margin-left:4.0in;text-indent:-4.0in'><span
style=3D'font-family:"Arial","sans-serif"'>FOR IMMEDIATE
RELEASE           =
            &=
nbsp;           &n=
bsp;           &nb=
sp;           &nbs=
p;        
CONTACT:    Susan Wheeler (202) =
224-5150<o:p></o:p></span></p>

<p class=3DMsoNormal =
style=3D'margin-left:4.0in;text-indent:-4.0in'><span
style=3D'font-family:"Arial","sans-serif"'>October 1,
2008           &nb=
sp;           &nbs=
p;           &nbsp=
;            =
            &=
nbsp;           &n=
bsp;           &nb=
sp;           &nbs=
p;           &nbsp=
;            =
            &=
nbsp;     
Lindsay Nothern (208) 334-1776<o:p></o:p></span></p>

<p class=3DMsoNormal><span =
style=3D'font-family:"Arial","sans-serif"'><o:p> </o:p></span></p>

<p class=3DMsoNormal align=3Dcenter style=3D'text-align:center'><b><span
style=3D'font-size:18.0pt;font-family:"Arial","sans-serif"'>CRAPO: 
FINANCIAL RESCUE PACKAGE DOESN’T ADEQUATELY PROTECT =
TAXPAYERS</span></b><span
style=3D'font-size:18.0pt;font-family:"Arial","sans-serif"'><o:p></o:p></=
span></p>

<h1>Votes against legislation regarding credit and financial =
markets<o:p></o:p></h1>

<p class=3DMsoNormal><span =
style=3D'font-family:"Arial","sans-serif"'> </span><span
style=3D'font-family:"Arial","sans-serif"'><o:p></o:p></span></p>

<p class=3DMsoNormal><span =
style=3D'font-family:"Arial","sans-serif"'>Washington,
DC –   Idaho Senator Mike Crapo voted against the legislative
package to provide $700 billion in assistance in the credit crisis now
confronting the country.  The measure, H.R. 1424 The Emergency =
Economic
Stabilization Act, cleared the U.S. Senate on a vote of 74 to 25, and =
will now
be referred back to the U.S. House of Representatives for =
reconsideration.<o:p></o:p></span></p>

<p class=3DMsoPlainText><span =
style=3D'font-size:12.0pt'><o:p> </o:p></span></p>

<p class=3DMsoPlainText><span style=3D'font-size:12.0pt'>“I voted =
no because
I am not convinced that the Administration’s proposal in its =
current form
is the right solution, that taxpayers were protected,” Crapo =
explained
following the vote this evening.  “This is not to diminish =
the
serious and real threat that faces our financial markets and =
economy.  To
be certain, there is a substantial threat that must be dealt with, but =
this proposal
requires the taxpayer to assume the majority of the risk.  The =
taxpayers
must be protected if this solution doesn’t work out, and should be =
the
last to take a financial loss.  However, after much review and =
evaluation,
I concluded that this proposal fails the fairness test and left the =
taxpayers
with too much risk.  The credit crunch has extremely serious =
repercussions
throughout every aspect of our economy, and we simply must get this
right.  We have not spent any time determining if Congress has =
chosen the
best response; there are many well-informed people who argue that we =
have not.<o:p></o:p></span></p>

<p class=3DMsoNormal><span =
style=3D'font-family:"Arial","sans-serif"'><o:p> </o:p></span></p>

<p class=3DMsoNormal><span =
style=3D'font-family:"Arial","sans-serif"'>“This
is a very complicated issue, one that requires careful evaluation of all =
the
alternatives available, but Congress only addressed one way to face the
crisis.  While questions from the public certainly forced needed
improvements regarding executive compensation, oversight, accountability =
and
transparency, this measure needed more work, more evaluation and more
debate.  It does not resolve the over-reaching problem of how we =
reached
this point.  The next Congress is going to have to do more to =
address this
crisis and make significant reforms to our capital =
markets.<o:p></o:p></span></p>

<p class=3DMsoNormal><span =
style=3D'font-family:"Arial","sans-serif"'><o:p> </o:p></span></p>

<p class=3DMsoNormal><span =
style=3D'font-family:"Arial","sans-serif"'>“Thousands
of Idahoans have contacted my offices, expressing their concerns over =
this
situation. I also carefully considered concerns expressed by Idaho =
employers,
many who are now starting to experience credit tightening and financial
difficulties as the repercussions from this crisis trickle down to our
hometowns.  To be sure, this was a challenging vote, and I =
appreciate all
of the input that I have received from the many, many people who have =
taken the
effort to let me know how they felt about this =
legislation.<o:p></o:p></span></p>

<p class=3DMsoNormal><span =
style=3D'font-family:"Arial","sans-serif"'><o:p> </o:p></span></p>

<p class=3DMsoNormal><span =
style=3D'font-family:"Arial","sans-serif"'>“Regardless
of the ultimate outcome regarding this legislation, many uncertainties =
will continue.
We must remain vigilant and be prepared to adjust course in the next =
session of
Congress if we find the economy has not sufficiently =
improved.”<o:p></o:p></span></p>

<p class=3DMsoNormal><span =
style=3D'font-family:"Arial","sans-serif"'><o:p> </o:p></span></p>

<p class=3DMsoNormal><span =
style=3D'font-family:"Arial","sans-serif"'>Crapo serves
on the Senate Banking, Housing and Urban Affairs Committee, which =
maintains
oversight and jurisdiction over the financial markets.  =
<o:p></o:p></span></p>

<p class=3DMsoNormal><span =
style=3D'font-family:"Arial","sans-serif"'><o:p> </o:p></span></p>

<p class=3DMsoNormal><span =
style=3D'font-family:"Arial","sans-serif"'><o:p> </o:p></span></p>

<p class=3DMsoNormal><span =
style=3D'font-size:10.0pt;font-family:"Arial","sans-serif"'>To
directly link to this news release, please use the following =
address:<o:p></o:p></span></p>

<p class=3DMsoNormal><span =
style=3D'font-size:10.0pt;font-family:"Arial","sans-serif"'><a
href=3D"http://crapo.senate.gov/media/newsreleases/release_full.cfm?id=3D=
303986"><span
style=3D'font-family:"Times New =
Roman","serif"'>http://crapo.senate.gov/media/newsreleases/release_full.c=
fm?id=3D303986</span></a>.
<o:p></o:p></span></p>

<p class=3DMsoNormal><span =
style=3D'font-family:"Arial","sans-serif"'><o:p> </o:p></span></p>

<p class=3DMsoNormal align=3Dcenter style=3D'text-align:center'><span
style=3D'font-family:"Arial","sans-serif"'># # #<o:p></o:p></span></p>

<p class=3DMsoNormal align=3Dcenter style=3D'text-align:center'><span
style=3D'font-family:"Arial","sans-serif"'><o:p> </o:p></span></p>

<p class=3DMsoNormal align=3Dcenter style=3D'text-align:center'><span
style=3D'font-family:"Arial","sans-serif"'><o:p> </o:p></span></p>

<p class=3DMsoNormal><span =
style=3D'font-family:"Arial","sans-serif"'><o:p> </o:p></span></p>

<p class=3DMsoNormal><span =
style=3D'font-size:10.0pt;font-family:"Arial","sans-serif"'>FOR
INTERESTED MEDIA: A radio actuality is available by calling
1-800-545-1267.  Press 327 at any time during or after the greeting =
and
instructions.  You can also access the actuality through the =
Internet at <a
href=3D"http://src.senate.gov/radio/"><span style=3D'font-family:"Times =
New =
Roman","serif"'>http://src.senate.gov/radio/</span></a>.<o:p></o:p></span=
></p>

<p class=3DMsoNormal><span =
style=3D'font-family:"Arial","sans-serif";color:black'><o:p> </o:p><=
/span></p>

<p class=3DMsoNormal align=3Dcenter style=3D'text-align:center'><span
style=3D'font-size:10.0pt;font-family:"Arial","sans-serif"'>.............=
.........................................................</span><o:p></o:=
p></p>

<p><span =
style=3D'font-size:10.0pt;font-family:"Arial","sans-serif";color:black'>T=
his
is generated from an unattended mailbox. If you have constituent =
comments or
information you would like forwarded to Senator Crapo, please do so at =
the
Senator's website, <a href=3D"http://crapo.senate.gov/"
title=3D"http://crapo.senate.gov/"><span style=3D'font-family:"Times New =
Roman","serif"'>http://crapo.senate.gov</span></a>.
Comments sent to this e-mail address will not be responded =
to.</span><o:p></o:p></p>

<p class=3DMsoNormal><span =
style=3D'color:black'><o:p> </o:p></span></p>

</div>

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