Wednesday, October 1, 2008

Chambliss: Approval of Financial Rescue Package is Necessary to Protect Main Street Georgia Families

U.S. Senator Saxby Chambliss, R-Ga., today made the following statement after the financial rescue package, the “Economic Stabilization Act,” H.R. 1424, was approved by the U.S. Senate by a vote of 74-25.

Our country is facing the most serious and critical domestic issue I have dealt with in my 14 years in Congress. We have been betrayed by many people, and greedy Wall Street executives have abused the system, leaving taxpayers to feel the pain.

Today, I had a significant choice to make between two very different courses of action – do nothing at all or do what I truly believe is best for America. I believe to the core of my being that doing nothing will devastate our economy, destroy the financial security of millions of Americans and could possibly force our nation into a depression. I just as strongly believe the bill as it has been negotiated, and that I just voted for, will provide stability during this crisis and will begin to turn our economy around.

Let me be clear – this is not a bailout. This bill has been carefully crafted to arrest our current financial crisis, restore security for the American taxpayer and ensure that our nation is the strongest economic power in the world.

And every citizen can know with confidence that any individual who engaged in illegal activity – whether they are the executive of a financial institution or a member of Congress – if their illegal actions forced our nation in to this crisis - then they will be prosecuted to the full extent of the law.

I know that my vote in favor of this package was not the politically popular thing to do, but this is not a popularity contest. This is about the future of our country and the future that my children and grandchildren will inherit. I have absolutely no doubt in my mind or my heart that my vote tonight in support of this measure was the right thing for our economy, for Georgians and for our country.
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