Idaho Congressman Mike Simpson is carefully examining proposals to address our nation’s financial crisis in a timely and thoughtful manner. Although no legislation has been finalized on which to form an opinion, Simpson does not support the Administration’s initial proposal.
"It is clear that our economy faces grave and unprecedented challenges," Simpson said. "I recognize that action must be taken to bring our economy back from the brink of disaster, but there are serious holes in the Administration’s proposal, and I have many questions that must be answered before I can even consider putting the taxpayer on the line."

The Administration’s proposal would allow the federal government to purchase troubled mortgage assets from financial institutions at all levels throughout the country. By taking these troubled mortgages off the books of America’s banks and businesses, the proposal aims to restore confidence in the country’s entire financial system.

"The threat of complete financial meltdown is very real, and it would have dire consequences on the jobs, savings, pensions, and opportunities of all Americans," Simpson said. "Any legislative response to this crisis must protect American families first, not corporate executives, and any vote I cast will be based on the best interests of Idahoans, not on the best interests of the fat cats on Wall Street."

Simpson wants to ensure that any package would prevent taxpayer dollars from being used to reward poor performing executives. In addition, any legislation should ensure adequate oversight of efforts to address the crisis.

"I am always mindful that when we reach into the government coffers, we are really reaching into the pockets of American taxpayers, who earned the money through hard work and sacrifice," Simpson said. "It is a sobering task to weigh the cost to the taxpayers of addressing this problem with the cost to all Americans, whose jobs and life savings would be in serious jeopardy if we did not take action. Congress should not make these decisions lightly, but should instead do so thoughtfully and with the best interests of the American people in mind."