Bilbray Calls for Limited Taxpayer Liability

in Addressing Financial Crisis

"There is a fine balance between acting expeditiously and acting recklessly," Rep. Bilbray cautioned. "While there are guiding principles that are being discussed, actual legislation has yet to materialize and ultimately, the devil will be in the details of the legislative proposal that is presented for congressional consideration."

Rep. Bilbray encouraged the Congress to consider ideas brought forward by House Republicans that limit taxpayer liability, establish much needed oversight of our financial markets and ensure that Wall Street executives do not benefit from any taxpayer funding.

"I will not support any plan that puts the financial liability solely on the backs of the American taxpayers," Rep. Bilbray said. "There are things we can do right now that do not require the use of taxpayer dollars to inject new capital into the market such as removing burdensome regulatory and tax barriers that currently prevent private capital from entering the market."

Rep. Bilbray added, "At some point, we cannot continue to repeat the same policies of the past and expect different results. First, it was $29 billion to rescue Bear Stearns in March. Congress passed a $300 billion housing bill, then $200 billion to rescue Fannie Mae and Freddie Mac and another $85 billion to save AIG from bankruptcy. Now, we’re being asked to provide $700 billion to bailout Wall Street."

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