Con. Steve Pearce finally replied my bail out email.
Dear Mrs. ###:
Thank you for contacting me regarding the economic stabilization packages taken up by the House of Representatives. I appreciate having the benefit of your views.I do not support recklessly spending billions of taxpayer dollars to bail out billionaires and corporations that made irresponsible loans which threaten to stick generations of taxpayers with massive tax increases.
Congress must ensure that those who made risky decisions are held accountable and are taken to trial if they broke the law. With energy and food costs at record levels and uncertainty about our economy's future, I believe Congress has an obligation to protect the American taxpayer first. Almost all Americans make responsible decisions, live within their means and pay their mortgages and rent on time.
On September 29, 2008, I opposed H.R. 3997, the Emergency Economic Stabilization Act of 2008, because New Mexico taxpayers were not protected under this legislation. Additionally, I fear that down the road, run-away government spending coupled with the enormous cost of this legislation, means hard-working New Mexicans may have their taxes raised by thousands of dollars while those who put the country into this mess walk away with profits.
While I supported some of the changes offered by the Senate package, including tax credits for renewable energy, a one year fix for the Alternative Minimum Tax, and passage of Senator Domenici's vital Mental Health Parity legislation, many of the additions to H.R. 1424, the Emergency Economic Stabilization Act, are unrelated to the financial crisis and add billions to the national debt. On October 3, 2008, I opposed the second bailout bill, H.R. 1424 for the same reasons I opposed the first: New Mexico taxpayers would be on the hook for billions in relief to Wall Street. H.R. 1424 was signed by the President and became law on October 3, 2008.
I am disappointed Congress did not take the time to fully debate the many viable alternatives that would have stabilized the economy without putting the economic stability of future generations in jeopardy. In the two weeks these bills were considered, Congress could have crafted legislation to incorporate real taxpayer protections and market solutions to correct the abuses that caused the problem instead of massive government intervention.
I strongly believe the American economy works best when we lower taxes and allow individuals to be responsible for their own choices and their own lives. For these reasons, I have cosponsored an alternative to the bailout bill, H.R. 7223, the Economic Rescue Alternative Plan. It more closely reflects the principles I believe are necessary to start our economic recovery.
This legislation will attempt to protect the investments of Americans, including their bank accounts, stock portfolios, 401K's, real estate values and retirement plans. We should also reform some investment vehicles so we're not back here faced with the same problem in the near future.
Again, thank you for taking the time to contact me on this important issue. I am glad you have let me know this is an important issue for you.
Please continue to call, write, or email me with any other questions or comments. Visit my website at http://pearce.house.gov to find out what I am working on in Washington, or where you can find me in New Mexico.
Member of Congress 1607
Longworth House Office BuildingWashington, DC 20515(202) 225-2365 www.house.gov/pearce