Throwing money at the nation's financial crisis will not solve the problem, says U.S. Rep. Raul Grijalva says, but undoing policies of the Bush Administration will.
 
The Tucson Democrat whose district includes Yuma County was one of the representatives who voted Monday against the $700 billion emergency rescue of the nation's financial system.
 
"I am not in disagreement that there is a financial crisis in our country. Daily, the headlines deliver news of another bank in crisis," Grijalva said in a statement regarding his vote. "I am in disagreement of a proposal that is rushed and more importantly does not advocate equally for Main Street and strong protections for working families."
 
Despite warnings from President Bush and congressional leaders of both parties that the economy could dive into recession without the bailout, the House defeated the bill on a 228-205 vote.
 
Grijalva said Congress must undo bad policies of the Bush Administration.
 
He cited the 2005 Bankruptcy Reform as an example. The law, passed by a Republican-led Congress and signed by Bush, without an amendment that Grijalva said would have reduced foreclosures by changing Chapter 13 in bankruptcy law.
 
"This minimal language would have meant much for the community, as it would have provided relief to homeowners at no cost to taxpayers. This would have helped homeowners and those in foreclosures, alike, stay in their homes and house values have maintained," Grijalva said.
 
Grijalva said that the proposed bill was a strong improvement over what was originally proposed by Bush and Treasury Secretary Henry M. Paulson Jr. but he said that provisions were left out that would assure the taxpayer came first.
 
"The lack of inclusion and advocacy for families directly is why I cannot support today's bill," Grijalva said. "The $700 billion price tag does not have an offset or enforcement of Pay-As-You-Go.
 
The bill could have required a security transfer tax so that Wall Street would pay back the American taxpayer, he said, but this guarantee was taken out. The rejection of the house bill triggered stocks in Wall Street to plummet and Grijalva says that the crisis felt by Wall Street is just "the bubble hitting the top."
 
"The crisis of losing finances, homes and having poor investment decisions by the Bush administration has been felt in our neighborhoods, jobs, and homes for the last eight years," Grijalva said. "I look forward to working on a different piece of legislation that confronts on Wall Street and provides real protections for taxpayers and homeowners. Congress should be prepared to work during the recess to do this right."