YOU VOTED FOR LEGISLATION
THAT CAUSED THIS CRISIS
WICHITA, Kan. – State Senator Donald Betts, Jr., issued a statement today that Rep. Todd Tiahrt (R-KS) failed consumers when he said that he wouldn’t support the bailout plan without “addressing the reasons our markets are in this situation.” Betts said he was disappointed that Tiahrt is pretending he has no idea of how Wall Street ended up in this predicament. “Tiahrt knows what caused these problems, he voted for the 1999 Financial Services Modernization Act that effectively gutted protections and regulations for investment and commercial banking authorized by President Franklin Roosevelt,” said Betts.
“When you look at all the problems we are facing with our economy today with 143 Americans losing their homes in the next hour and consumers suffering from rising grocery and gasoline prices, it is disgusting that our Congress is not claiming responsibility for passing the legislation that precipitated the Wall Street bailout,” said Betts. “The members of Congress that created this monster, including Congressman Tiahrt, should be held accountable.” I want to assure you that I will always fight for the voice of the people and put people over politics,” said Betts. “People deserve to have a voice in our government and it seems that the special interests and big business have had too much control in Washington D.C. and I plan to change all that when elected,” he said.
Following the stock market crash of 1929 and the Great Depression, President Franklin Roosevelt signed the Glass-Steagall act in 1933 to protect our banking system. This legislation addressed the concern of over-speculation by banks and set up regulations for investment and commercial banking. The 1999 Financial Services Modernization Act essentially destroyed the 1933 legislation. With the bailout of Bear Stearns by Congress in March (legislation Tiahrt voted for), the takeover of Fannie Mae and Freddie Mac in September, and the Federal Reserve’s help to AIG, the focus of the entire world is on the U.S. market which continues to teeter erratically. “It is such a shame that our great leaders such as President Roosevelt spent so much time ensuring legislative controls were put into place, only to have them shattered in 1999,” he said.
With the Stock Market falling over 700 points today with news of Congress not approving the bailout, many Americans are concerned about how it will affect their savings, retirement and long-term future. Senator Betts said today, “People in this country need to be reassured that they will not lose their life savings, retirements, and mortgages in lieu of the chaos on Wall Street.” “There is concern and the people need to be sure that Congress is on-the-job,” he added.
Betts is running for the 4th Congressional seat currently held by Todd Tiahrt who has been in office since 1994. Betts has been actively working for Kansans since 2002, when he was elected to the Kansas House of Representatives. He went on to serve in the Senate, bridging party lines to focus on the important issues that affect everyone including support for education through the Workforce Kansas Quick Careers. Among his many accomplishments, Betts took a stand against the practices of genocide with Senate Substitute for HB 2457 which was signed into law divesting Kansas Public Employee Retirement Funds from Darfur. “It has been my pleasure to represent Kansans in Topeka but I believe that now is the time to make their voices heard in Washington, D.C.,” said Betts. “Our nation is in an economic crisis and people are hurting – it’s time to make some choices to make our country strong again and to be fair to everyone, not just the special interests.”