Ryan: Bailout bill 'moves us in the right direction'

Shortly after the House today passed H.R. 1424, the so-called Wall Street bailout, U.S. Rep. Paul Ryan, R-WI, 1st District -- who voted yes this morning, as he did on the original bill last Monday -- issued the following statement:

“The Bush Administration offended the American people with a three-page request for a blank check from Congress. ‘Trust us’ simply wouldn’t do. I personally fought to make sure that taxpayers were protected. I fought to make sure that once these troubled institutions start making profits, the taxpayers benefit first and foremost. I fought to make sure Wall Street executives don’t profit personally as a result of their irresponsible decisions. I wrote the provision to ensure that Wall Street shares in the cost of their own recovery. I got in the arena these past two weeks and fought for a better deal for the American taxpayer and those I serve in Wisconsin.

“Our communities in Southern Wisconsin have endured devastating economic hardships as of late, and I could not sit idly by with so much at stake. At the end of the day, this package is about the American taxpayer and American jobs. Failing to act on a viable alternative would have been devastating to American families and American workers. To stabilize our economy and to preserve American jobs, this bill moves us in the right direction. We are facing a Wall Street crisis that is now becoming a banking crisis – a Main Street crisis. There are still many difficult days ahead. This bill is not designed to prevent a recession, but rather to prevent a crash. This bill is about protecting working families’ access to credit – so students can secure college loans, farmers can make their needed investments, seniors can secure their retirement, and businesses can pay their employees.

“I am outraged that we find ourselves in this situation, and we must hold those responsible to account. I will continue to push for additional reforms, working to modernize the regulatory framework and increase the transparency of our financial system. As Congress works to address our current financial crisis, reforms must be put in place to prevent this situation from being repeated in the future.”

Read here what Ryan said Monday, invoking the ghost of Herbert Hoover, when the first bailout bill lost in the House.