WASHINGTON (30 September) – U.S. Rep. Gus M. Bilirakis (R-Fla.), representing Florida’s 9th Congressional District, yesterday released the following statement after the House rejected the Financial Markets Stabilization Bill by a vote of 205 to 228:

“Our economy is facing historic and unprecedented challenges which threaten the financial security of all Americans. I share the values of the people of the Ninth District of Florida, who have sent an extraordinarily clear message: This plan is not good for Main Street, and is diametrically opposed to our nation’s free market principles. Like my constituents, I put my faith in free enterprise, with appropriate regulation and oversight, before nationalized control of our economy.”

“The legislation which Congress rejected this afternoon was not subject to the committee process which allows for full public revision and expert scrutiny. After closely scrutinizing the proposal I have concluded that this legislation does not fix the underlying problems that threaten our economy. Responsible taxpayers should not be utilized as a lender of last resort to bailout the greed of Wall Street. Congress and the Administration must act to produce a prudent solution that restores financial security to all Americans while maintaining our faith in a free enterprise system.”