Matheson Sides With Taxpayers; No Bailout Absent Strong Reforms

Washington, D.C.—Congressman Jim Matheson today refused to commit Utah taxpayers to an enormous financial bailout of private banks, absent evidence that the plan will work and amid concerns that it rescues businesses that didn’t play by the rules.

“Utahns are outraged that even as they try to cope with a weakening economy, Congress wants them to come to the rescue of big banks who contributed to this financial mess.  There is too much uncertainty about whether this bill will steady the financial ship.  There is no tangible effort at reform of our financial system to prevent Wall Street from running the boat onto the rocks in the future.

“I don’t agree with government being in the business of bailing out private companies that make bad business decisions.  I’m uncomfortable with granting one individual so much power to distribute taxpayer funds.  While the current financial crisis is unsettling, I believe more thoughtful attempts are needed –including necessary reforms—to calm the volatility in the markets.”

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