Today’s vote on the floor of the house is one that will undoubtedly be on the minds of Americans for years to come.  The bipartisan legislation that passed in the Senate and which was voted on today added significant new protections for taxpayers on Main Street, including increasing the amount of bank deposits insured by the government from $100,000 to $250,000 through 2009 and protecting 21 million middle-class families from getting hammered by the Alternative Minimum Tax (AMT) for tax year 2008. It also guarantees that irresponsible corporate and Wall Street executives will not be rewarded with golden parachutes or severance pay.

As a result of the drastic improvements made in the Senate legislation compared to the Bush Administration’s plan, which I voted against, I voted in favor of the newest plan because it protects New York taxpayers from higher income taxes under the AMT and will save jobs in Western New York.  From the beginning my colleagues and I knew that our current economic turmoil was not something we could wish away and if this legislation had failed to pass American jobs would be in jeopardy and small businesses would have faced problems growing financially and creating and retaining jobs.

On Monday, I voted against a bad bill, which did not provide protections for taxpayers and did not address the fundamental problem that caused our economic crisis.  Today’s legislation was a significant improvement, one which I hope will restore confidence in our financial markets and allow for small business in Western New York to continue to grow and flourish.  This has been a very difficult decision, one in which the input from you my constituents was a key component.  I want to thank everyone who has called and emailed my office over the last two weeks and encourage everyone to continue to do so.

Today, the Financial Rescue Plan or the $700 billion dollar taxpayer funded bailout, failed to get enough support from either side of the aisle to pass.  I, as many of you know, did not support the plan because of its failure to protect the taxpayers. This bailout failed to address the fundamental cause that created this problem and failed to lessen the credit and housing crunch. It creates the largest national debt in U.S. history, forcing generations of taxpayers to pick up the tab for Wall Street losses.

Since the beginning of this crisis, I have stated that I would not support a taxpayer funded bailout of irresponsible lenders and borrows. Although the plan was considerably better than the Bush Administration’s proposal of last week, including important provisions to eliminate CEO and Wall Street Executive’s golden parachute and increasing Wall Street accountability, mere improvements were not enough to gain my support.

There are alternatives to the Paulsen/Pelosi plan and today I cosponsored a plan that allows Wall Street to work this out and not bail them out. We must now come together solve this crisis in a way that the American people support.

To read my statement regarding the vote click here.

 To read my statement regarding the plan I cosponsored click here.

Over the last six months we have watched as our financial institutions began to unravel starting with the take over of Bear Sterns by JP Morgan which was brokered by the government. The unraveling continued to progress as we watched Fannie and Freddie placed under government control and Lehman Brothers, an investment bank which has been around for over 150 years and one that survived the Great Depression, suddenly collapse.  At that same time Merrill Lynch took shelter under the wings of Bank of America and AIG was taken over by the government.  Most recently announced was the take over of Washington Mutual (WaMu) by JP Morgan. All of these events have led and contributed to our current economic crisis and it is now in the hands of legislators to do what is best for the American people.

Today, I released a statement saying that I am OPPOSED to the Bush Administrations $700 billion proposal. I am opposed to any plan that allows Wall Street executives to walk away with millions of taxpayer dollars accumulating in their bank accounts. This plan cannot and should not be a taxpayer funded bailout. Private companies will have to carry the financial burden in any rescue plan that I will support.

Over the last three days I have received over 500 phone calls and emails from you, my constituents, regarding the Bush Administrations proposal. I believe that all congressional action must be centered on protecting those who have done the right thing, those who took responsible home loans and have worked so hard to keep up with their obligations as the faltering economy has made it harder to do so. The economic livelihood of this country is the most important issue that my colleagues and I will take up and as such I feel it is vital to hear from all of my constituents. I urge you all to comment on this blog posting, call any of my offices, or email me and let me know your thoughts on the proposed financial market rescue plan.

Last week Speaker Pelosi and the House Democrats pushed through partisan energy legislation which does not address the needs of the American people.  One week later the editorial pages of newspapers across our country are calling out the Democrats for their phony attempts and these quotes expose exactly what the Democrats have not done when it comes to our energy crisis.

•  "Which is why it was doubly disappointing to survey the energy bill passed by the U.S. House last week. Swiftly engineered by House Speaker Nancy Pelosi and Democratic allies, it's a limp-wristed approach to pressing energy problems.  In seeking to appease everyone, it satisfies no one, offshore drilling enthusiasts and environmentalists included." ("Energy Package Stalls Out: Hastily Passed House Bill Appears Dead in Water," Waco Tribune Editorial, September 22, 2008)

• "This way, Democrats can claim to be opening the way to offshore drilling…under the restrictions included in the bill, no real drilling is likely to happen." ("Drilling Bill Lacks Substance," Buffalo News Editorial, September 22, 2008)

• "This just in: Nothing.  That's what this Congress came up with, after months of high fuel costs and concern over our dependence on foreign oil, and after a summer recess in which senators and representatives could have listened to the American people but did not. Congress came up with nothing — a fake energy exploration bill that would only weaken America. House Speaker Nancy Pelosi, who is devoting her career to blocking new energy for America, allowed a bill that would permit drilling for oil 100 miles offshore, which is prohibitive.  Under the bill, coastal states could go 50 miles closer in — but have no incentive to, as the Democrats' bill doesn't share revenues with the states." ("They've Blown a Ruse; Congress Fails Yet Again," Augusta Chronicle Editorial, September 21, 2008)

• "If House Democrats were looking to give Americans relief at the gas pump in the energy legislation passed on Sept. 16, they failed.  In a jarring twist, the legislation offers a solution and then negates it.  If Americans were hoping for at least half a loaf from this legislation, they were disappointed." ("Energy Legislation Less Than Half a Loaf," Reading Eagle Editorial, September 20, 2008)

• "Don't be fooled by House Democrats' disingenuous bill to lift the federal government's ban on offshore oil drilling.  Rather than address a shortage of supply in the face of growing demand, the bill seeks to appease angry voters without harming the Democrats' mission to force America off fossil fuels… This isn't a bill intended to tap vast untapped reserves.  It's a bill intended to give voters the impression that Democrats favor offshore drilling — while maintaining their opposition to it." ("Drilling for Political Advantage," Northwest Florida Daily News Editorial, September 20, 2008)

• "Coming next week from Nancy Pelosi and the House Democrats: legislation that allows oil and gas drilling on the moon!  The bill would have the same result as energy legislation passed Tuesday - no increase in domestic oil production - and it certainly wouldn't be any less cynical…The Democrats' intent here is so transparent it's embarrassing.  Americans know the country needs to use all its resources to power the future and speed economic recovery. That includes offshore oil drilling - where the oil is." ("Let's Drill for Oil — Where There Isn't Any," Las Vegas Review Journal Editorial, September 19, 2008)

• "Pelosi, who opposes new drilling for American oil, allowed the vote only because this summer Democrats were on the wrong side of offshore exploration, which seven in 10 Americans favor.  Unfortunately, the House-passed bill is nothing more than a fig leaf for Democrats as they prepare to face frustrated voters in November." ("Same Old Drill: "No-Energy' Bill Risks Voter Wrath," The Oklahoman Editorial, September 19, 2008)

• "The sudden pro-drilling makeover of the Pelosi Democrats has always had an air – a gale, really –  of election-year convenience, and the House proved it Tuesday by passing an energy bill that would put any bunko man to shame. This confidence trick won't expand domestic oil-and-gas supplies even a bit… As Congress runs down the clock for this term, the likelihood of reaching some grand pre-election energy bargain is vanishing fast.  The House bill shows that the Pelosi Democrats simply aren't serious about expanding domestic energy supplies." ("Pelosi's Drilling Ruse," Wall Street Journal Editorial, September 19, 2008)

• "Congress may as well close the windows, lock the doors and take a vacation. I f the energy bill the House passed Tuesday night is any indication, the lower chamber is already out to lunch… The House this week finally responded, tweaking the drilling bans just enough to pass a bill that Republican leader John Boehner correctly calls "a hoax.'" ("Energy Bill is a Dry Well," Bend Bulletin Editorial (OR), September 19, 2008)

• "On Tuesday, House Democrats made an embarrassingly weak attempt to protect themselves… Therefore, House leaders produced a "compromise bill" and quickly moved it to a vote.  It passed along largely party lines, and Democratic incumbents in tight races can claim they voted for drilling.  Voters should not fall for that old trick." ("Democrats Drill for Political Cover," Roanoke Times Editorial, September 18, 2008) 

Almost two days have passed since the Democratic majority was able to pass their partisan energy legislation in the House.  And although, the House Democrats claim they want to stimulate the economy, their energy legislation does not address the call for more American oil by the American people.  The small detail about the vote two night's ago which has escaped the public eye is the fact that a bipartisan energy bill, authored by Rep. John Peterson (R-PA) and Neil Abercrombie (D-HI), was also up for a vote, and all 24 Democrats who had cosponsored the legislation voted it down.

I have found that it is a sad day on the floor of the House when party politics interferes with addressing the concerns of the American people. All 24 of my Democratic colleagues who voiced their support of the Peterson-Abercrombie legislation through statements and co-sponsorship flip-flopped, proving that the Democrats are once again unwilling to create bipartisan legislation. This hoax by the House democrats is purely a political move to try and protect their own vulnerable seats going into the November election.  Speaker Pelosi and her leadership team have yet again denied Republicans the opportunity to bring the "American Energy Act" to the floor for a proper debate and vote. The Democrats know that the legislation passed last night will not move past the House, yet they continue to play games with the wallets of the American people.

My Republican colleagues and I have not given up the fight to bring economic relief to the pump and we will continue to push for a vote on the American Energy Act so that the people of our great nation no longer suffer.  I have pledged my support for this legislation and will not take a page out of the book of the Democrats and turn my back on something I believe in.

On May 16^th, I announced the start of the "Fix Washington" Project in the district. Four months and 650 votes late, I am happy to announce the idea with the most votes was, "impose term limits on all members of Congress - U.S. House of Representative should be limited to six terms (12yrs) and U.S. Senators two terms (12yrs).' That idea received 43% of the votes and surpassed the runner-up idea by 120 votes.

Later this week I will introduce this legislation as a Constitutional amendment on the floor of the house.  As many of you know, in order for the amendment to be added to the Constitution, it must be ratified by a two-thirds majority of both houses of Congress and by three quarters of the states.

Although the "Fix Washington" Project has come to a close I want to encourage everyone in my district to continue getting involved in the legislative process.  I welcome all of my constituents to call or email our office to let me know your legislative ideas. As your elected representative it is my job to make sure that your thoughts and ideas are heard so that together we can make this country a better place to live.

The winning idea was suggested by Armand Marianetti, Farmington; John Gobe, Stanley; Peter Haidt, Pittsford; Mary Kelly, Ellicottville; Janis Becker, Caneadea; Martin Adduci, Machias; Dave Zacharias, Canandaigua; Robert Rutt, Rochester; Alexander Hoffarth, Fairport; Duane Granger, Pittsford.