For Release: Monday, September 29, 2008
Contact: David Gillies: 202-225-5661

COSTELLO VOTES NO ON BAILOUT BILL

“I Have Not Been Convinced That This Solves the Problem”

Washington -Congressman Jerry Costello (D-IL) today issued the following statement regarding his vote against the $700 billion financial bailout bill considered by the U.S. House of Representatives:

“I voted against this unprecedented bailout because we are moving too quickly to rush this proposal through and have not adequately considered other approaches to solving the problem of bad debt and tight credit. I have not been convinced that it is imperative we act right now, or that this proposal will solve the problem as indicated. In fact, numerous economists insist that the Paulson approach will not work. And I resent being told by the investment bankers in the Bush administration and on Wall Street - the very people that have railed against government oversight in the financial industry for years - that the taxpayers must come to their rescue. What is essential is that Wall Street help pay for any program to heal the economy. $700 billion is too much to ask taxpayers to bear without a requisite sacrifice from the industry that bears much of the responsibility for bringing us to this point.”

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