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Washington D.C.- Congressman Jeb Hensarling (R-TX), Chairman of the House Republican Study Committee, today made the following remarks during House consideration of the Financial Stabilization Package (remarks as prepared for delivery):
“I come to the floor with an odd combination of resignation, relief, doubt, hope, and fear. I was surprised when the House version failed on Monday – and I will be even more surprised if the Senate version fails today. Thus, I am resigned. But with that resignation also comes some measure of relief that at least some plan to deal with the national crisis at hand.
“As I and other House conservatives have said from the beginning - inaction is not an option. The crisis on Wall Street is inflicting Main Street, even as we speak. There is panic in our credit markets, which are freezing up. They need calm and they need capital. As much as it pains our principles, most House conservatives conclude that some temporary form of the full faith and credit of the United States is necessary to address the crisis. We understand without action, many of our fellow citizens may find themselves laid off from their jobs, unable to refinance their homes, or perhaps find their credit card limits curtailed as they attempt to buy food or medicine.
“House conservatives worked tirelessly to put forth a number of different plans, ideas and legislation to remedy the crisis. On their behalf, I take great pride in the role that we played and the role our Republican House Leadership played in improving the legislation before us. Thanks to our efforts, there is greater accountability in this legislation. The insurance workout model of Mr. Eric Cantor and Mr. Paul Ryan now has an opportunity to work. Executives of troubled firms seeking money from taxpayers will have their compensation limited. There is greater opportunity for taxpayer upside, mark-to-market rules are now in revision, and FDIC limits have been increased. These are all Republican improvements that we sought to achieve. Not only do I want to thank House conservatives, I want to acknowledge and thank many of my Democrat colleagues with whom we found common ground on a number of these issues and with whom we were able to work in concert.
“Let me now speak to my hopes and fears. No one truly knows if this plan will work. We all hope it does. No one knows the true amount of taxpayer exposure. Treasury could spend $700 billion in no time flat and come right back to Congress for $700 billion more. Some believe the taxpayer will actually make money in the deal and I hope that proves true. But history as my guide, I have strong fears it will not. And at what point do we finally bailout the American taxpayer from the unconscionable burden he or she faces from out of control Washington spending?
“I fear that the legislation before us still remains more of a bailout than a work out. I fear it undermines the ethic of personal responsibility. I fear that it rewards bad behavior and punishes good. But my greatest fear is that it changes the role of the federal government in our free market economy, which despite its current problems, remains the envy of the world. How can we have capitalism on the way up and socialism on the way down? If we lose our ability to fail will we not in turn lose our ability to succeed? If Congress bails out some firms and sectors, how can it say no to others?
“We must be very careful as we address this financial crisis to ensure that any short-term gain does not come at the cost of even greater long-term pain – that being the slippery slope to socialism. The thought of my children growing up in America with less freedom and less opportunity is a long-term pain I cannot bear. Therefore, I will again vote ‘no’ on this legislation. And as I told my colleagues before the last vote, when I cast my ‘no’ vote, I will cast it with some doubt.
“Some conservatives will support this legislation because they feel it is the last opportunity to address the crisis. They may be right. Some conservatives will support this legislation because they view it as the lesser of two evils. They may be right. Principled conservatives may conclude differently than me, and I respect each and every one of them. We have all struggled to do our duty and cast the vote we believe to be right. If by chance this legislation fails, House conservatives stand ready to immediately offer alternatives and negotiate a workable, bipartisan solution. If it passes, we stand ready to help make it work and pray that our hopes are realized and our fears are not.
“Our fight for freedom and opportunity continues.”
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