Congressman Tim Walberg commented on the bailout bill passed by the House last Friday to several district media outlets over the weekend:

WOOD TV - Walberg comments on signing of bailout bill

WWMT - Michigan Representatives on the bailout

WILX - Rogers, Walberg Vote “No” on Bailout

Jackson Citizen Patriot - Area leaders doubt bailout plan

Congressman Tim Walberg this afternoon will vote against a revised version of legislation to bailout the financial services sector. The Congressman issued the following statement:

"Through the thousands of calls, emails and letters sent to my office, I know that my constituents want Congress to take action to avert further economic distress, but south-central Michigan believes Congress must not take action just to take action. The vast majority of my constituents are working hard, paying their bills and making ends meet for their families, and they believe real alternatives exist to running up the bill the government sends to taxpayers.

"While I am pleased some positive reforms have been made to the bill the House rejected on Monday, including a provision to provide greater FDIC protection to Americans and America's hometown banks as well as the SEC working on reform to mark-to-market accounting, this bill remains a massive, $700 billion taxpayer financed bailout. Additionally, as too often is the case in Washington, unrelated spending items have been tacked on to this bill, including special interest provisions such as millions of dollars for makers of wooden arrows, the Puerto Rican and Virgin Islands rum industry, wool fabric producers and Hollywood movie makers. All of these Washington, D.C. special interest provisions have nothing to do with addressing America's financial crisis and providing the fundamental reform our economy desperately needs.

"I continue to be disappointed in President Bush and Secretary Paulson for refusing to consider other options and reforms. I cannot support putting future generations of Americans in debt to pay for this expensive band aid that will not solve our long-term economic problems."

Congressman Tim Walberg is quoted in today’s Jackson Citizen Patriot about the Senate vote on bailout legislation Wednesday night:

Rep. Tim Walberg, who represents the Jackson County area, voted against the previous bailout measure. His office released an e-mail statement from Walberg on Wednesday night criticizing the approach Washington is taking in dealing with the financial crisis.
“Common-sense reforms exist that could immediately insert new private capital into our markets without putting taxpayers at risk, and I will keep working with my colleagues to push for these important reforms,” said the e-mail from Walberg, R-Tipton. “I continue to be disappointed in President Bush and (Treasury) Secretary (Henry) Paulson for refusing to consider other options and reforms.”

On Monday, Congressman Tim Walberg opposed the Financial Stabilization Package, the deal struck on the bailout of the financial services sector. Walberg’s comments on the bill are available here and here.

Politico.com reports today that the Senate will consider another bailout proposal tonight. The House of Representatives is scheduled to reconvene Thursday afternoon.

Ann Arbor News:

In a written statement, Walberg said the bill was “nothing more than an expensive, taxpayer-funded Band-aid that will not solve our long-term economic problems.” He called for market-to-market accounting, net worth certificates and reducing taxes and regulations that he said prevent capital from entering the market.

Coldwater Daily Reporter:

U.S. Rep. Tim Walberg, who opposed it, said "While I applaud the efforts of House Republicans to improve this proposal, the bailout bill … is nothing more than an expensive, taxpayer-funded band aid that will not solve our long-term economic problems."
Walberg continued, in a press release, "I am extremely disappointed in President Bush for refusing to consider other options and for thrusting this legislation on the American people in a way that only created more uncertainty. Secretary Paulson has failed the American people by refusing alternative plans… Today our financial markets face serious challenges that could result in dire consequences, and while Congress can take action to avert further economic distress, Congress must not take action just to take action."

Jackson Citizen Patriot:

Meanwhile in Washington, U.S. Rep Tim Walberg, R-Tipton, issued a statement calling the $700 million rescue package “an expensive, taxpayer-funded Band-Aid that will not solve our long-term economic problems.”

Lansing State Journal:

Rep. Tim Walberg, R-Tipton, said he was “extremely disappointed” in Republican President Bush and said Paulson had “failed the American people by refusing alternative plans.”
Walberg was among conservative Republicans who proposed other measures, including a suspension of the capital gains tax.
“Congress must not take action just to take action,” Walberg said.

Toledo Blade:

U.S. Rep. Tim Walberg (R, Tipton, Mich.) said the bailout was "an expensive, taxpayer-funded Band-Aid that will not solve our long-term economic problems.'
Among his proposed solutions, Mr. Walberg advocated lowering capital gains and corporate tax rates "to enable American companies to compete, innovate, grow, and expand.'

Congressman Tim Walberg this afternoon will vote against the Financial Stabilization Package, the deal struck on the bailout of the financial services sector. The Congressman issued the following statement:

"Today our financial markets face serious challenges that could result in dire consequences, and while Congress can take action to avert further economic distress, Congress must not take action just to take action. While I applaud the efforts of House Republicans to improve this proposal, the bailout bill up for a vote today is nothing more than an expensive, taxpayer-funded band aid that will not solve our long-term economic problems.

"These are common-sense reforms that could be put in place right away, if Congress would take time to debate alternative ideas to a taxpayer financed bailout. Instead, our President, the Treasury Secretary and a frenzied media climate have eliminated the possibility of further debate to work on a deal that would protect taxpayers.”

Congressman Tim Walberg made the following comments this morning about the economic rescue plan:

It is evident that the challenges faced by America's financial markets require action from Congress. Any action taken by Congress must protect American taxpayers and encourage economic growth. We must not take action just to take action.

It is unacceptable for the federal government to just take on $700 billion in speculative debt.  I believe alternatives exist to a taxpayer-funded bailout, and as negations remain ongoing, I am hopeful discussions result in a package that will protect the taxpayers from bailing out irresponsible companies, institute reforms to inject capital into the financial system and include policies to spur economic growth.  What America's markets need now is liquidity, but presently tax and regulatory barriers are preventing new capital from entering our markets.

Taxpayers should under no circumstances subsidize severance packages for failed CEOs. Additionally, we must increase transparency and accountability on Wall Street. I would like to see audit reports of failed companies to ensure that the financial standing of these troubled companies was accurately portrayed or to see if they cooked their books.

Increasing American energy production and preventing scheduled tax increases are critical for long-term economic growth, no matter what plan is negotiated, and I will continue fighting for my constituents on these issues. Congress also needs to lower the capital gains and corporate tax rates to enable American companies to innovate, grow and expand.

This situation is a clear indication that government regulation did not work because it was not properly implemented. In the coming months, Congress must determine why these regulations did not work and how to ensure they do in the future.