Representative Robin Hayes (NC-8) Response on the Emergency Economic Stimulus Act

I contacted my congressional representatives a few weeks ago about my concerns over the economic stimulus act. I really just wanted them to slow down to let everyone digest the problems and the potential solutions. Today, Representative Robin Hayes sent me an email response:

Dear Forrest,

Thank you for contacting me regarding the Emergency Economic Stimulus Act. I appreciate you taking the time to express your views.

I am extremely concerned about a credit crisis in our economy. Today, America is facing serious economic turmoil that is directly threatening our economic future. Many have said that we need action, and I agree. However, we need to be sure we respond the right way, in a way that protects taxpayer interests and provides stability for the financial markets.

As you know, the proposed legislation passed the House and was signed into law on Friday, October 3, 2008. I voted against this legislation because of the risks placed on taxpayers. In particular this bill contains a troubling provision that allows foreign-based banks or investment firms to have just as much access to US tax dollars as American companies. Ultimately I voted no out of concern that US tax money in this program would be diverted from the intended goal of strengthening our economy.

Since the legislation passed, it's now up to Congress and the Administration to make sure the program works to help our economy and protects taxpayers. Rest assured, as the program moves forward I will do everything in my power to ensure there is proper oversight and bad actors are not rewarded for their misdeeds and poor financial decisions with taxpayer money.

Again, thank you for sharing your thoughts with me and please do not hesitate to contact me again in the future. You can contact us by mail, email or phone, and our contact information can be found on our website, www.hayes.house.gov.


Sincerely,
Robin Hayes
Member of Congress

Thanks for the response. You are the first.

The Bailout Plan: A Quick Note to My Representatives

Senator Dole, Senator Burr and Congressman Hayes,

Please don't allow a rushed bailout bill to pass. We do not need to rush through legislation if it is bad legislation. I am angry that people and companies who took on too much risk may now get to transfer their losses to taxpayers while any profits get to go to them. That is not how capitalism works. If there is a bailout, which I am not sure there even should be, it should be in the form of loans that will be paid back with interest or through buying an ownership stake in the companies that need help. The stock market has opened just fine all week and will do so next week while the country has a thoughtful debate on how to best solve this issue.