Turner Remains Opposed to $700 Billion Blank Check Bailout
Washington, D.C. – Congressman Michael R. Turner today voted in opposition to the $700 billion blank check bailout of American banking and financial institutions. Rep. Turner supports bringing legislation forward to address our current financial crisis but believes that this rashly considered bailout fails to address the real issues plaguing our markets and may do more harm than good to taxpayers.
“While it is clear that action must be taken to address our current crisis, this legislation fails to solve the underlying problems that led to this alarming financial situation,” Congressman Turner said. “Though I support taking action to help correct the damage done to our markets, I believe that making the wrong choice today places a risky and heavy burden on taxpayers. Any legislation we bring forward must hold the right people accountable and prohibit the bad lending actions that led to this crisis. Today’s bill fails in this respect and therefore leaves us vulnerable to this same situation in the future. This ill-considered proposal still does not offer enough relief to impacted neighborhoods and homeowners. Our region has suffered greatly during this foreclosure crisis and I am greatly disappointed that this legislation again fails to truly address the real problem.”
Recently, Rep. Turner introduced the Preserve Our Neighborhoods Act of 2008 in response to the $700 billion proposed bailout of the financial system. Congressman Turner’s legislation would provide assistance to municipalities in permitting them to take possession of mortgages that the bailout legislation would transfer to the federal government. This legislation would help prevent properties and cities from going into blight through neglect.
“My district has some of the highest foreclosure rates in the nation,” Rep. Turner said. “This crisis demands immediate action but it also demands accountability and responsibility. I will continue to work with my colleagues to find actual solutions to these problems and to provide real help to both our economy and to American homeowners.”