Oct 3, 2008 7:01 pm US/Central
Minn. Reps. On Bailout Vote: 5 'Yea,' 3 'Nay'
WASHINGTON (AP) ―
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Congress abruptly reversed course and approved a historic $700 billion government bailout of the battered financial industry on Friday. (File)
CBS
Five of Minnesota's eight House members voted for the $700 billion financial bailout bill that passed the House Friday, with just one member changing his vote from Monday.
Republican Rep. Jim Ramstad made the switch after the Senate made several changes to the bill, including mental health parity legislation he has long championed. Also voting for the bill were Democrats Keith Ellison, Betty McCollum and Jim Oberstar, and Republican John Kline.
The three Minnesota "no" votes from Monday held their ground: Democrats Collin Peterson and Tim Walz, and Republican Michele Bachmann. The legislation passed the House 263-171.
Walz said he had been hopeful the Senate would make improvements to the bill that was defeated in the House.
"I'm disappointed that instead the Senate sent this bill back to the House with $100 billion in unpaid for additional spending that will be added directly to the national debt," he said.
Peterson also cited the swelling national debt.
"We could be putting ourselves and our children in a position where we no longer have effective control over our own country's financial system," he said.
Bachmann called the plan a "risky gamble," with no safeguards that taxpayers will be paid back.
"And we have set the dangerous precedent that government will swoop in and wipe away Wall Street's worst decisions the next time it asks," she said. "I fear the Congress and the president have done a great disservice to the American people today and have set this country on a deliberate path away from the free market principles upon which our nation was founded."
Ramstad announced Thursday he would vote for the bill after voting against the earlier version on Monday.
"The inclusion of our mental health parity bill, major tax relief and bank deposit insurance increases caused me to reconsider my position," he said. "There's too much at stake to let the legislation fail."
Kline said the bill was vital to stabilizing the economy.
"I supported this legislation because now more than ever, our concerns and efforts need to be focused on the jobs, home mortgages, and retirement security of Minnesotans -- and all Americans," he said.
Ellison said he would "not let Main Street continue to suffer for the sins of Wall Street. This is the first step toward righting the economic injustices that our working families are suffering. I will continue to work with my colleagues in Congress and on the Financial Services Committee to solve this crisis, find those responsible for endangering our economic well-being, and prevent a crisis like this from occurring again."
McCollum called her vote for the bill "a vote to protect the jobs, pensions, college accounts, and the savings of millions of hardworking Americans. This important step must be followed with a new commitment to accountability and government oversight. I will be working to make sure this rescue package not only helps restore our economy, but returns every dollar we invest back to taxpayers."
Said Oberstar: "The panic that ran through the marketplace as a result of meltdown of the financial markets meant that if we didn't act the consequences would not only be nationwide, but worldwide."
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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