Mark Udall tried - Thanks! (This is his letter to me)

Dear Joe,

Thank you for contacting me about the bill to aid financial firms. I appreciate hearing from you.

When I look ed at it through the eyes of Coloradans, I didn't see what they needed to see. Instead, I saw a $700 billion bailout for Wall Street banks , no assurance taxpayers will get their money back, no sure process for holding CEOs accountable and limiting taxpayer- funded golden parachutes , and not enough to address the mortgage crisis at the root of our economic problems that is forcing hard-working Coloradans out of their homes. What I saw was a "rescue" for Wall Street that did nothing to begin fixing the broken finan cial system that led us to this crisis. I do not mak e the perfect the enemy of the good or operate as a "my-way-or-the-highway" legislator. G reed and l ack of oversight on Wall Street has brought a grave economic crisis demanding Congress ional act ion . Bu t I recall the words of a legendary coach , John Wooden, who told his players, "Boys, be quick. B ut don't hurry." After rejection of the first version, I hoped we would be quick to work together, improve the bill , and pass one that would deserve and obtain broad support in Colorado and across the country. But that didn't happen. Instead, the Senate made just one improvement , then added hundreds of pages of "sweeteners" aimed at winning ov er those of us who had opposed the bill . Many were things I support , including middle-class tax breaks and provisions to aid the transition to a new energy economy . But adding them didn't change the fact that Americans deserve a better solution to our ec onomic crisis than the one the House ea rlier rejected. We could and should h ave added provisions for independent oversight of the program, a stronger equity position for taxpayers , help for responsible homeowners seeking to refinance mortgages, and a guarantee taxpayers will not be on the hook for lavish payouts to irresponsible CEOs. Th e bill lacked those, and I could not support it.

Thanks again for contacting me. For more information, please visit www.house.gov/markudall

Warm Regards,

Mark Udall
Member of Congress