Pallone Statement on Financial Rescue Package

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Washington, D.C. --- U.S. Rep. Frank Pallone, Jr. (D-NJ) issued the following statement today after supporting a $700 billion financial rescue package.

"The outcome of today's vote was unfortunate. While the Bush administration's refusal to regulate Wall Street led to this crisis in the first place, the majority of House Republicans opposed a package to help rescue the economy.

"Without decisive action, we were warned that credit markets would freeze up, preventing families from getting car and home loans, students from qualifying for college loans and small businesses from being able to pay their employees at the beginning of the month.

"This was a risk I simply could not take. Today, I voted to protect middle-class families from the economic mistakes of Wall Street and the Bush administration. This was not a perfect package, but I was hopeful that it would bring stability to a very troubled economy."