KINGMAN - Political parties didn't matter for the Arizona members of the House of Representatives on Monday. All eight voted against the $700 billion bailout for the financial sector.
"Giving the federal government the ability to nationalize almost every bad mortgage in America interrupts the foundational truth of our economy - that the American free enterprise system fundamentally depends on the ability to fail, as well as to succeed," said U.S. Rep. Trent Franks, R-District 2 in a statement on Monday.
"If we allow taxpayers to subsidize these current market failures caused by poor investment decisions, I believe we will only be sentencing ourselves and the American people to subsidize future failure at even greater cost, while perhaps irreversibly changing the relationship between the public and private sectors."
Franks, whose district Kingman resides, voted against the bill along with the three other Republican and four Democratic representatives.
"The truth is, the turmoil in our financial markets is rooted in the failed government policies in the mortgage industry, through government- sponsored enterprises such as Fannie Mae and Freddie Mac, as well as in corrupt rating agencies who fueled false confidence in the stability of incredibly risky loans," Franks said.
"Continuing to artificially manipulate the housing market through government intervention and regulation will, I believe, ultimately only exacerbate the current situation."
The Arizona representatives joined the 220 other members to vote against the bill - 133 Republicans and 95 Democrats.
There were 205 representatives who voted for the bill - 65 Republicans and 140 Democrats. U.S. Rep. Jerry Weller, R-Illinois, did not vote.
"I believe that in the haste to address these failing industries, Congress has neglected to investigate or consider real alternatives that could address the need to inject capital into our financial markets without requiring this substantial outlay from the federal government via the American taxpayer," Franks said.
To contact him at his Washington, D.C., office, call (202) 225-4576, or to contact his district office in Glendale, call (623) 776-7911.